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Buyout reports send AirAsia stock soaring 8%

October 8, 2015 Aviation, Headline News No Comments Email Email

egtmedia59AirAsia may be going private. Reports to that effect sent shares in Asia’s biggest low-cost carrier surging almost 8% in early trading yesterday.

A Reuters report late on Tuesday said the Malaysian carrier founded by Tony Fernandes was “sounding out investors” about a management-led buyout. It cited sources familiar with the talks.http://www.centarahotelsresorts.com/

Fernandes and his long-time business partner Kamarudin Meranun were said to be working with banks to secure financing for the transaction, which could be launched over the next few months.

The talk boosted the value of shares in the Kuala Lumpur-listed company.

Britain’s Financial Times notes that shares have fallen more than two thirds in the past four years, including a decline of 33% since 10 June 2015, “when a report by Hong Kong-based accounting firm GMT Research questioned its accounting, cash flow and structure”.

A week later AirAsia responded to the GMT assessment, saying 2015 would be “a very good year” and pledging to cut debts in coming years.

Edited by William Sykes

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