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Malaysia's Capital A eyes raising $1bn in debt and equity

Capital A, an investment holding company that owns multiple businesses, including the AirAsia and AirAsia X brands, plans to raise more than USD1 billion in debt and equity, according to the Financial Times.

The report says Capital A's CEO, Tony Fernandes, will use a special purpose acquisition company called Aetherium Acquisition that trades on the Nasdaq and intends to list several businesses through it in 2024. This includes a business extending the AirAsia brand to new markets and targeting entities wanting to start up an airline.

The liquidity raising plan, which Capital A is yet to confirm, is considered a test of investor appetite for Southeast Asian low-cost airlines and the Capital A business model, which is also heavily involved in the digital, aviation services, and logistic sectors. The Malaysian Stock Exchange (Bursa Malaysia) has also classified Capital A as a financially distressed (PN17) company since 2021, although Capital A is attempting to exit that status. Notably, Bursa Malaysia recently rejected a bid by AirAsia X to exit PN17 status.

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