‘That dream is big, hopefully it can be realized with good planning.’
Capital A’s Chief Executive Officer (CEO) is targeting listings for its subsidiaries, AirAsia and Super App on the New York exchange.
In an interview, Fernandes stated plans for the listing of low -cost airline, AirAsia by next year as well as another different listing for its food delivery app, Super App.
Fernandes further commented that it is time for Capital A's subsidiary to penetrate the listing in the United States (US) in raising the reputation of local products.
It is common knowledge that the Covid-19 pandemic that has hit the world before has dealt a major blow to Capital A’s major businesses.
Among the solutions in continuing the company's business is to venture into new fields, e-commerce and digital business, which led to the establishment of Super App, fintech business namely BigPay and logistics firm Telport.
Although Capital A shares are still under Practice Note 17 (PN17) status, it according to Fernandes ‘does not reflect the company’s fundamentals’ comprehensively and the issue can be resolved.
As a footnote, PN17 status indicates a company is facing serious financial problems.
Meanwhile, Fernandes also expressed optimism that the company could restore its cash flow with key services back in operation at full capacity.
He detailed that 85 of AirAsia's 212 aircraft have returned to operation and offer a load factor of 80% to 90% and a total of 176 more aircraft are expected to return to full operation by December.
Apart from that, looking ahead, Capital A is also working on an air taxi service which is expected to be implemented by 2025.
As of this writing, Capital A shares are down 40 sen or 6.20% at 60 sen with a capitalization value of RM2.52 billion.
