15/12/20161min
AirAsia Philippines, the local arm of Asia’s biggest budget carrier AirAsia Berhad, is ramping up plans to launch an initial public offering in 2017, its chief executive officer Tony Fernandes said.
AirAsia Philippines continues to enjoy strong demand despite seeing a net operating loss of P915 million in the third quarter of this year, Fernandes said.
Bulk of the company’s loss in the period was due to extraordinary costs.
Fernandes aims to move a planned equity sale to raise as much as $200 million from an IPO.
Most proceeds will finance expansion to increase the local unit’s current fleet of 15 Airbus 320s.