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AirAsia raises USD144.4 million from private placement

16-Sep-2009 9:17 AM

AirAsia announced (15-Sep-09) it has successfully completed its private placement exercise, with a share offering of 380 million new ordinary shares of par value USD0.03 (MYR0.10) each in the carrier. The new shares represent 16% of AirAsia’s issued and paid-up share capital as at 10-Sep-09. Proceeds are expected to amount to USD144.4 million (MYR505.4 million), to be used to repay part of AirAsia’s borrowings and for general corporate and working capital purposes. According to AirAsia, the placement was oversubscribed with strong demand from foreign institutional investors, raising foreign shareholding to 46.1%. The transaction is AirAsia’s first equity fund-raising exercise since its IPO in 2004. [more]