Malaysia’s AirAsia considers cash boosting for electronic business – Reuters

KUALA LUMPUR, Sept 24 (Reuters) – Malaysia’s flagship funds airline AirAsia Group Bhd claimed on Thursday it is thinking about boosting cash to grow its electronic company.

Without offering any figures, Group Main Govt Officer Tony Fernandes mentioned in a briefing that the team could get an financial investment to assistance speed up growth, but would not have to have to raise a huge sum.

“We are not here to elevate billions and shell out it all. We just started the process but we really don’t have to have a large amount. We’ve constructed this on our individual funds so considerably,” he claimed.

He mentioned there was by now some financial debt cash secured for a several of its electronic models, like logistics device Teleport, rapid food items business enterprise Santan and agriculture e-commerce system OurFarm.

AirAsia has rebranded its digital arm as AirAsia Digital, which also residences vacation and way of life platform and fintech unit BigPay.

Government Chairman Kamarudin Meranun explained the digital organization could supply some assist for the team to weather the coronavirus pandemic that has strike its airline business enterprise as borders remained shut for months.

“In the limited phrase, I really do not imagine something can compensate (the shortfall in earnings). For the shorter time period, it delivers some cushion…ample for us to survive,” Kamarudin explained.

While Teleport created income in the January-March period, the group’s following next-quarter benefits very last month showed that all the digital companies recorded losses. (Reporting by Liz Lee Enhancing by Kim Coghill)