AirAsia to work with BDO Unibank for Philippine IPO

Published on : Friday, September 15, 2017

 

AirAsiaThe preparatory work on the initial public offering(IPO) of Philippines AirAsia (PAA) will be handled by BDO Unibank Inc, the Philippines largest bank by asset.

 

 

US$200 million will be generated by the proposed IPO. In October 2015, the planned IPO was pushed back by AirAsia to 2018 from 2016 in order to make the PAA’s operations profitable.

 

Airs Asia group chief executive officer Tan Sri Tony Fernandes revealed that the PAA was planning to hold the IPO within the second half of 2017.

 

However, on Monday it was revealed that AirAsia had delayed its plan of going public to 2018 from the second half of 2017 due to the further expansion of its business unit.

 

 

In 2012 PAA commenced the operations, while in 2015 it completed its merger with Zest Airway providing access to Ninoy Aquino International Airport. Around 10% of the Philippine commercial aviation market is controlled by PAA and is dominated by flag carrier Philippine Airlines and budget airline Cebu Pacific Air.

 

 

AirAsia further plans to combine the units in the Philippines, Malaysia, Thailand and Indonesia under a single listed Asean holding.

 

 

The group made announcements earlier to form new holding company called the AirAsia Group Bhd. The Malaysian operation and its five affiliates in the Philippines, India, Thailand, Indonesia and Japan, it digital-related services and intellectual properties will be consolidated into five separate business segments.

 

 

By the first quarter of 2018 the proposed internal reorganization will be complete.

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