AirAsia Group announced it plans a change of name.
It wants to change the company’s name to Capital A.

AirAsia said in a filing the new name was approved by the Companies Commission of Malaysia. Now it needs the approval of shareholders of the company before it becomes official.

The more generic new name is part of AirAsia Group’s strategy to diversify from its core passenger airline business.

The change of name is subject to the approval of the shareholders of the company at a general meeting to be convened at a date to be announced later.

“A circular to shareholders with details of the proposed change of name will be issued to the shareholders in due course.”

AirAsia said the proposal, if approved by the shareholders, will take effect from the date of issuance of the notice of registration of new name by the CCM to the company.

AirAsia had recently completed its renounceable rights issue to existing shareholders, raising RM974.5 million to provide support to its overall fundraising strategy.

The rights issue entailed the issuance of seven-year redeemable convertible unsecured Islamic debt securities (RCUIDS) with a nominal value of 75 sen each, plus free detachable warrants, on the basis of two RCUIDS with one warrant for every six AirAsia shares held.

Group chief executive officer Tan Sri Tony Fernandes said after the most challenging two years in commercial aviation history, the end was finally within reach.

“We have survived the pandemic. We have restructured, relaunched and are now in a stronger position to recover faster.

“We have used the downtime in flying to review every aspect of our airline operations with a strict focus on cost containment and implementing an optimal network and fleet strategy to put in place a solid platform to return to the skies leaner and stronger than ever in all key markets,” he said.