AirAsia (AK, Kuala Lumpur International) has decided against taking Indonesia AirAsia (QZ, Jakarta Soekarno-Hatta) public citing the Indonesian subsidiary's poor financial performance of later. AirAsia Group CEO, Tony Fernandes, told the Malaysia Reserve newspaper that among other mitigating factors was a change in his group's business strategy.

“It (Indonesia AirAsia) is not making money, so going for an IPO without a good financial record is not the norm. It is also not my style," he said. “AirAsia moving forward would also like to own more of these airlines (affiliates). Just like banking and telecoms, I am sure ASEAN airlines will one day be allowed to be 100% owned by another ASEAN company.”

Fernandes reiterated that AirAsia would take the subsidiary public albeit only when it made financial sense to do so.

Original plans to raise USD200million in 2012 by offering 20% of Indonesia AirAsia's shares in an IPO fell through on a sliding Indonesian Rupiah. Later plans to hold the IPO this year were also postponed until after the recently concluded presidential elections.

Indonesia AirAsia is a 49/51 venture between the Malaysian LCC and its wholly-owned Indonesian investment vehicle, PT Fersindo Nusaperkasa.