FAX To Float AirAsia X In Three Years

May 22, 2007

KUALA LUMPUR, May 22 (Bernama) -- Fly Asian Express aims to list its long-haul budget airline, AirAsia X in the next three years, its chairman Datuk Kamarudin Meranun said Tuesday.

The move, he said, was to allow private equity investors to realise their investment in the company and three years was enough to allow AirAsia X to beef up operations and establish its brand name.

"We are happy and adequately capitalised with many investors interested in us," he told reporters after the signing ceremony between MRO provider, Sepang Aircraft Engineering Sdn Bhd and AirAsia Bhd here.

Meanwhile, FAX director Datuk Tony Fernandes said the company was looking at options, including a possible reverse take over.

He also denied earlier reports that the company was in talks with ECM Libra for the takeover.
Fernandes owns 10 percent of FAX, while other shareholders are Kamarudin (50 percent) and AirAsia's former chief financial officer Raja Mohd Azmi Raja Razali (40 percent).

-- BERNAMA