AirAsia gets shareholder approval to change name to Capital A

 AirAsia gets shareholder approval to change name to Capital A

January 28, 2022

AirAsia gets shareholder approval to change name to Capital A

On 12 October, Tan Sri Tony Fernandes said AirAsia should no longer be known only as just an airline because they are now a digital services group. 

KUALA LUMPU

R: AirAsia Group Bhd. obtained shareholder approval to change the company's name to Capital A Bhd., it said in a statement on Bursa Malaysia yesterday.

The proposal was decided at an extraordinary general meeting (EGM) held yesterday virtually after receiving a vote of almost 100% from shareholders.

The change of name was approved by the Companies Commission of Malaysia (SSM) on 28 December and is reserved for this company. On 12 October, AirAsia Group CEO Tan Sri Tony Fernandes said AirAsia should no longer be known only as just an airline because they are now a digital services group.

Although the basics are the airline industry, the group offers more services, such as the Super App itself with more than 15 different travel and lifestyle offers complementing each other, as well as the ever-growing educational technology arm of the Academy.

In fact, it also has a growing cargo and logistics arm, Teleport and BigPay's financial services business, which offers robust financial technology solutions and is set to become the first virtual bank in ASEAN.

With the company valued at more than US$1 billion, AirAsia Group's digital business has achieved Unikorn status in less than 2 years since the group accelerated the growth momentum of its non-flight business during travel restrictions following the worldwide pandemic.

The company, which is now classified as Practice Note 17 (PN17), is drawing up a plan to streamline its financial situation to address the status.

Fernandes on January 14 said the group's strong and diversified portfolio would enable it to track the coordination of its financial position quickly and have confirmed the viability of its strong business in the future.

At the close this afternoon, AirAsia's share price fell 1 cent, or 1.69% to 58 cents with 5.31 million shares traded.

Source: Dagang News