AirAsia Looking to Raise US$200 Million from Share Sale to Tune Air

1st Apr 2016

Asia’s biggest budget airline AirAsia is making plans to raise more than US$200 million from Tune Air, by selling its stock to its biggest shareholder. Tune Air Sdn Bhd (TASB) owns 19.09 per cent direct shares at AirAsia, or a total of 531,212,082 shares. Tune is controlled by AirAsia Group Chief Executive Officer Tony Fernandes and AirAsia Chairman Kamarudin Meranun.

The announcement regarding the share sale should be made later today (1^st April) and the proceeds from the sale will be used to cut AirAsia’s debt and for working capital.

AirAsia officials are yet to comment on the possible share sale to Tune. However, company’s shares have been halted from trading in KL, before the official announcement of their sale.

Tony Fernandes bought the struggling AirAsia back in December 2001 for just 1 ringgit and assumed a debt worth RM40 million, finding only two old planes there. Now, the company has grown to be the largest budget airline in Asia, with operations in Malaysia, India, Thailand, the Philippines and Indonesia, while it also plans to start a business in Japan later in 2016.

AirAsia Invites Aspiring Designers

Meanwhile, AirAsia is opening its runways to aspiring designers from Malaysian, Indonesia, Singapore, Philippines and Thailand. That’s fashion runways, not those at the airport. Those interested can show their best creations at The AirAsia Runway Ready Designer Search (AARRDS).

The reward? Best three designers will go to the Kuala Lumpur Fashion Week Ready to Wear (KLFW RTW) 2016. Also, the grand winner is set to win US$90,000 (RM350,000) worth of prizes, including a full segment at the next year’s KLFW RTW and mentorship from their fashion teams.

Unfortunately, if you’re thinking of applying, you the competition is open only for current fashion design students or graduates from fashion schools. You also have to be 28 years old or less. If you fulfill all these criteria, visit and apply at KL Fashion Week. But don’t wait too long, since you only have until 12^th April to register. And make sure you have some good sketches and ideas to wow the judges.