AirAsia Sees Robust Recovery Next Year As Cash-Strapped Airline Raises $233 Million From Rights Issue

AirAsia Group—controlled by Malaysian tycoons Tony Fernandes and Kamarudin Meranun—expects a strong rebound in air travel across Southeast Asia next year as the cash-strapped budget carrier raises 974.5 million ringgit ($233 million) from a rights issue.

Supported by Fernandes, Kamarudin and other existing shareholders, the fund-raising exercise will be completed today with the listing of seven-year Redeemable Convertible Unsecured Islamic Debt Securities (RCUIDS) and warrants, AirAsia said in a statement on Wednesday. The RCUIDs, which have a nominal value of 0.75 ringgit each comes with free detachable warrants, allocated on the basis of two RCUIDS with one warrant for every six AirAsia shares held.

— Forbes

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