73-474: Capital A Berhad ( MYX : 5099 ), operating as AirAsia (stylized as airasia ) is a Malaysian multinational low-cost airline headquartered near Kuala Lumpur , Malaysia. Established in 1993 and commencing operations in 1996, the airline is the largest in Malaysia by fleet size and destinations. It operates scheduled domestic and international flights to over 166 destinations across 25 countries. Its primary hub
146-473: A demutualized exchange and was renamed Bursa Malaysia in 2004. It consists of a Main Board, a Second Board and MESDAQ (now ACE Market) with total market capitalization of ( USD $ 397.39 billion). On 7 May 2024, Bursa Malaysia hit RM2 trillion in market capitalisation for the first time. Tony Fernandes Tan Sri Anthony Francis Fernandes PSM , CBE (born 30 April 1964) is a Malaysian entrepreneur . He
219-470: A fellow airline boss and the owner of Lotus' fellow F1 newcomers Virgin Racing . The losing team's boss would work on the winner's airline for a day dressed as a steward. Branson lost. Fernandes' team produced a poster depicting Branson in an Air Asia uniform. However, the date of the flight was delayed several times: first because of Branson breaking his leg, then because of the royal wedding, and later because of
292-640: A fire at the Necker Island . On 19 December 2012, Fernandes announced that Branson would honour his bet in May 2013. Branson ultimately honoured the bet on 13 May 2013. Caterham Racing , also created by Fernandes, competed in the GP2 Series . In October 2014, Tony Fernandes sold the team to Teddy Yip Jr. and he relocated it to Silverstone to merge with Status Grand Prix . On 27 April 2011, Fernandes announced that his company had purchased Caterham Cars . Fernandes
365-588: A five-year plan designed to strengthen the airline's presence across Asia. The strategy focused on enhancing connectivity between existing destinations and expanding into new markets such as Vietnam , Indonesia , Southern China and India . As part of this effort, Kota Kinabalu became a hub on 7 July 2006, followed by Kuching on 20 July 2006. These initiatives led to a significant increase in passenger traffic, with AirAsia carrying about 13.9 million passengers in 2007, compared to 5.7 million in 2006. AirAsia expanded its offerings further in 2009 by launching Redbox,
438-454: A former executive at Time Warner (now known as Warner Bros. Discovery ), saw an opportunity to transform AirAsia into a low-cost carrier, inspired by the success of airlines such as Southwest Airlines and Ryanair . This acquisition marked a turning point in AirAsia’s history, setting the stage for its reinvention as a budget airline . After the acquisition, Fernandes and his team rebranded
511-531: A gateway in northern Peninsular Malaysia , Kota Kinabalu International Airport and Kuching International Airport facilitating travel in Malaysian Borneo and Senai International Airport in Johor Bahru , which serves the southern region of Peninsular Malaysia and provides convenient access to and from Singapore . Together, these hubs play a vital role in supporting AirAsia’s extensive network, ensuring that
584-671: A joint venture agreement to establish AirAsia Cambodia, with AirAsia owning majority of the airline. The airline commenced operations on 2 May 2024. AirAsia India was the Indian affiliate of AirAsia. The airline was announced as a joint venture between AirAsia, Arun Bhatia, and Tata Sons on 19 February 2013. It commenced operations on 12 June 2014. The airline is headquartered in Chennai , with its primary hub at Kempegowda International Airport , Bangalore . In November 2020, AirAsia reviewing its India operations run in partnership with Tata Sons signalling
657-590: A key global aviation hub . As part of this expansion strategy, the airline aims to increase its fleet size from 79 to 92 aircraft by the end of 2024, while boosting daily flights from 230 to 258. Additionally, AirAsia plans to add eight new destinations to its network, bringing the total number of destinations to 106, up from 98. The airline’s focus on strengthening regional connectivity involves opening new routes to secondary airports across key regions in Asia, enhancing accessibility for both travelers and businesses. AirAsia
730-472: A key player in the global aviation industry. AirAsia was established on December 20, 1993, by DRB-HICOM , a Malaysian government-owned conglomerate , as a full-service carrier. The airline commenced operations on November 18, 1996, with its inaugural flight from Kuala Lumpur to Langkawi , utilising a Boeing 737-300 . In its early years, AirAsia faced challenges such as high operating costs and competition from established carriers like Malaysia Airlines . By
803-598: A key role in AirAsia’s expansion strategy. In 2003, Thai AirAsia was founded, and in 2005, Indonesia AirAsia was launched. These affiliates allowed the airline to enter new markets, strengthening its regional presence across Southeast Asia. By the end of 2006, AirAsia’s fleet had seen substantial growth, consisting of 35 Boeing 737-300s and eight Airbus A320s . Additionally, the airline placed orders for 100 more Airbus A320 aircraft, which helped increase its capacity and frequency of flights, supporting its expanding network. In late 2006, AirAsia's CEO Tony Fernandes introduced
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#1732858206094876-598: A leader in in-flight services . Between 2015 and 2019, AirAsia continued its expansion strategy, both by launching new routes and growing its affiliate network. Notably, the airline established Philippines AirAsia in 2012 and AirAsia India in 2013. However, despite several attempts, AirAsia's plans to enter the Chinese and Vietnamese market with its own airline were eventually abandoned after facing multiple setbacks. During this period, AirAsia continued to earn accolades for its service quality, further solidifying its position as
949-820: A leading low-cost airline. The airline was awarded the title of World's Best Low-Cost Airline by Skytrax for an impressive eleven consecutive years, from 2009 to 2019. The COVID-19 pandemic had a profound impact on the global aviation industry , and AirAsia was no exception. In March 2020, the airline suspended most of its flights due to travel restrictions , resulting in significant revenue losses. This unprecedented situation forced AirAsia to rapidly adapt in order to survive. The airline grounded its fleet and implemented various cost-cutting measures, including layoffs and salary reductions for employees. AirAsia also focused on maintaining liquidity by securing loans and receiving government support. During this challenging period, AirAsia accelerated its digital transformation. In late 2020,
1022-507: A low-fare airline on 8 December 2004 and subsequently renamed Indonesia AirAsia , presently serves 5 domestic destinations in Indonesia. In 2018 Fernandes announced that more low-cost carrier terminals would be developed, and confirmed that while AirAsia needed new planes, he had not yet decided on an aircraft manufacturer. Fernandes’ plans to expand include bidding on the operations and maintenance contract for Clark International Airport in
1095-483: A new belief. As for PR stunts. Wow. They are always in the press making huge claims. Were we not supposed to be in Europe. Now we have been relegated. Two sacked managers. All good players will be sold. No new training ground which is the most important ingredient I feel. Look at how many injuries we have. And more investment into the academy." On 18 August 2011, just three months after Queens Park Rangers' promotion back to
1168-664: A possible exit from the country. The airline was later sold to Tata Sons in 2022, making it a wholly-owned subsidiary of Air India Limited . The airline merged with Air India Express in 2023. AirAsia Japan was the Japanese low-cost airline affiliate of AirAsia based in Nagoya and formerly in Narita . The airline was first announced as a joint venture between AirAsia and All Nippon Airways in 2011. It flew its first flight in August 2012. The joint venture
1241-530: A result, these nations granted landing rights to AirAsia and other discount carriers . In Thailand and Indonesia, AirAsia holds a minority stake in the respective local companies. Thai AirAsia , a joint venture with Shin Corporation , Thailand's largest telecommunication conglomerate, took to the skies in Feb 2004 and has to-date carried over 1 million passengers in its first year of operations. PT Awair, re-launched as
1314-470: A setback for AirAsia's ambitions to strengthen its domestic market . Despite this, the airline remained committed to its strategy of expanding its regional and international networks. In 2014, AirAsia made another significant advancement by becoming the first Malaysian airline to offer onboard Wi-Fi services through its subsidiary, Tune Box. This innovation responded to the increasing demand for connectivity among travelers, reinforcing AirAsia's reputation as
1387-710: A significant recovery from its previous financial challenges. The airline focused on point-to-point routes and utilised secondary airports, which helped lower operational costs and improve overall efficiency. Between 2003 and 2006, AirAsia embarked on a rapid expansion of its routes and infrastructure. In December 2003, the airline established a second hub at Senai International Airport in Johor Bahru , expanding its operational reach. AirAsia also began its international operations with flights to Phuket in December 2003, followed by services to Bangkok in February 2004. By April 2005,
1460-619: A single set of prices on both boards. The Malaysian Stock Exchange was formally formed in 1964, and in the following year, with the separation of Singapore from Malaysia , the stock exchange continued to function under the Malaysian and Singapore Stock Exchange (MSSE). In 1973, with the termination of currency interchangeability between Malaysia and Singapore, the SEMS was separated into the Kuala Lumpur Stock Exchange Bhd (KLSEB) and
1533-454: A tight economy. Fernandes estimates about 50 per cent of the travellers on Asia's budget airlines are first-time flyers. Before the advent of AirAsia , he estimated that only six per cent of Malaysians had ever travelled by air. He was also instrumental in lobbying the then- Malaysian Prime Minister Dr. Mahathir Mohamad in mid-2003, to propose the idea of open skies agreements with neighbouring Thailand , Indonesia , and Singapore . As
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#17328582060941606-572: Is Kuala Lumpur International Airport (KLIA), where it utilizes Terminal 2, the low-cost carrier terminal. AirAsia has a network of affiliate airlines catering to regional markets, including Thai AirAsia , Indonesia AirAsia , Philippines AirAsia and AirAsia Cambodia , which have bases in cities including Bangkok , Jakarta , Manila and Phnom Penh . AirAsia X , the airline’s long-haul subsidiary, primarily serves long-distance routes. Together, these carriers form an extensive network connecting Southeast Asia with other parts of Asia, Australia and
1679-445: Is a fan of English club West Ham United and was involved in talks regarding a potential takeover of the club in May 2011, at which stage it looked as if he was going to acquire a 51 per cent stake in the club. Former West Ham chairman Andrew Bernhardt even flew to Kuala Lumpur to try and finalise the deal, but the two parties failed to agree on the price. It was just one month later when Fernandes made another offer to buy 51 per cent of
1752-485: Is also concentrating on its key markets, particularly China and India. In response to Malaysia’s decision to grant visa-free entry to travelers from these two countries starting in December 2023, the airline has significantly ramped up its services. By early 2024, AirAsia plans to operate approximately 230 weekly flights between Malaysia, China and India. Looking beyond the immediate future, AirAsia’s long-term vision focuses on expanding its reach to strategic markets across
1825-613: Is leasing the land that will be occupied by the headquarters. An AirAsia X flight attendant gave the building the name "RedQuarters" or "RedQ", and its groundbreaking ceremony was held in November 2014. In May 2017, AirAsia planned to open a subsidiary company in Cambodia to handle an increase of tourists from Malaysia visiting to the Cambodian cities of Phnom Penh , Siem Reap and Sihanoukville . On 9 December 2022, AirAsia and Sivilai Asia signed
1898-487: Is located at Kuala Lumpur International Airport (KLIA) , where it operates a substantial portion of its flights. AirAsia operates a broad domestic network within Malaysia, connecting numerous cities and regional hubs across the country. Key destinations include major cities like Kuala Lumpur, Penang, Kota Kinabalu and Kuching. Internationally , AirAsia operates numerous routes across Southeast Asia and beyond, offering destinations in countries such as Thailand, Indonesia,
1971-609: Is the Red Quarters (RedQ) at Kuala Lumpur International Airport in Sepang , Selangor . This facility also serves as the company's registered office . The airline has moved its head office to a new 56,985.1 m (613,383 sq ft), RM140mil facility constructed at klia2 on 7 November 2016. Until the new head office opened, the airline's head office was located in the KLIA LCCT. The new klia2 head office has been scheduled to open at
2044-469: Is the founder of Tune Air Sdn. Bhd. , which took over the first Malaysian budget airline , AirAsia . Fernandes turned AirAsia, a failing government-linked commercial airline, into a highly successful budget airline public-listed company . He has since founded the Tune Group of companies. He is the owner of Caterham Group , the parent company of British car manufacturer Caterham Cars . Until July 2023, he
2117-586: The Championship . Speaking to the media just one week after Rangers' relegation back to the Championship, Fernandes said he had been exploited since he took over at Loftus Road . After investing an estimated £50 million into the club, he said: "I don't think I will be exploited any more. I think I allowed myself to be exploited but that's my choice. Agents are trying to get the best contracts and there are no two ways about it, I had to pay premiums. I've seen all of
2190-474: The Premier League following a 15-year absence, Fernandes was unveiled as their majority shareholder, having bought Bernie Ecclestone 's 66% stake. He was also named as chairman of QPR Holdings Ltd. Everyone knows I've followed West Ham all my life but I've always had a soft spot for QPR. Rangers were one of the first teams I watched as a child at Loftus Road. I've always wanted to be involved in football and
2263-592: The Securities Commission of Malaysia , the stock exchange regulates the capital market in Malaysia and, through its facilities, upholds the duty to manage and maintain order in the trading of stocks, bonds and derivatives. Bursa Malaysia was established in 1930, when the Singapore Stockbrokers Association became an official organization of securities in Malaya . In 1937, it was re-registered as
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2336-602: The Stock Exchange of Singapore (SES). Malaysian companies continued to be listed on SES and vice versa. A new company limited by guarantee, The Kuala Lumpur Stock Exchange (KLSE) took over operations of KLSEB as the stock exchange. In 1994, it was renamed Kuala Lumpur Stock Exchange. It also fully suspended the trading of CLOB (Central Limit Order Book) counters, indefinitely freezing approximately US$ 4.47 billion worth of shares and affecting 172,000 investors, most of them Singaporeans. Kuala Lumpur Stock Exchange (KLSE) became
2409-625: The World Travel Awards 2024 for World’s Leading Low-Cost Airline for the 12th consecutive year and World’s Leading Low-Cost Airline Cabin Crew for the eighth time. The airline has been instrumental in establishing Kuala Lumpur International Airport as a leading low-cost carrier hub. The 2024 OAG Megahubs Index placed KLIA as the world’s second-most connected airport after London-Heathrow , offering more than 14,500 potential low-cost connections. AirAsia accounts for 43% of all flights at KLIA and 74% of
2482-818: The A321neo variant. With this order, the total number of orders that AirAsia had placed for the Airbus A320 family climbed to 592, reaffirming the carrier's position also as the largest airline customer for the Airbus single aisle product line. However, as a consequence of the COVID-19 pandemic on aviation, the orders for the new A320 family of aircraft were reworked by mutual agreement between AirAsia and Airbus in October 2021, with deliveries now scheduled to extend to 2035, among other undisclosed changes in purchase terms. AirAsia formerly operated
2555-573: The Far East. In March 2012, he served on the International Advisory Board of Global March to Jerusalem, which aims to "mobilize the international community in solidarity with Palestinians and to protect Jerusalem." A joint statement was issued, signed by the various members of the Board, including Fernandes. In 2013, he hosted the first season of The Apprentice Asia , the Asian spin-off of
2628-567: The Farnborough International Air Show in 2016, AirAsia ordered 100 A321neos at an estimated cost of US$ 12.6 Billion dollars at list prices. AirAsia planned to fly these larger aircraft to airports that had infrastructure constraints. AirAsia received its first A320neo in September 2016. At the 2019 Farnborough Air Show, AirAsia further increased its orders for A320 aircraft, in the process also becoming Airbus' largest customer for
2701-555: The Malaysian Youth and Sports Ministry. In 2020, he ventured to food delivery as COVID-19 has hit hard on Air Asia. Fernandes is the founder of the Caterham F1 Formula One team, which began racing in 2010 as Lotus Racing and raced in 2011 as Team Lotus . On 2 July 2014, Caterham F1 was sold to a Swiss and Middle Eastern consortium. On 16 December 2009, Fernandes accepted a "challenge" from Richard Branson ,
2774-546: The Middle East. In 2007, The New York Times described AirAsia as a pioneer of low-cost travel in Asia. The airline is known for its innovative approaches, including introducing ticketless travel through online bookings in 2002. AirAsia has earned numerous accolades, including being named the World’s Best Low-Cost Airline by Skytrax for 15 consecutive years, with the latest recognition in 2024. It also won
2847-495: The Pacific and East Asia , with further ambitions to enter Africa, Europe and North America by 2030. This global expansion strategy underscores AirAsia's aim to enhance its position as a leading low-cost carrier, connecting more regions and catering to a broader, international customer base. AirAsia has rapidly expanded its domestic and international network since its rebranding as a low-cost carrier in 2001. The airline's primary hub
2920-567: The Philippines, Singapore and mainland China. The airline has also expanded into other regions, including India and Australia. This broad network has enabled AirAsia to become a significant player in the regional and international aviation markets, catering to both business and leisure travelers. In addition to its primary operations at KLIA’s low-cost terminal, AirAsia (Malaysia) has developed secondary hubs to enhance regional connectivity. These hubs include Penang International Airport which acts as
2993-478: The Philippines. In February 2020, Fernandes stepped aside as CEO of AirAsia as Airbus bribery allegations were probed. A month later, Fernandes was reinstated as CEO of AirAsia after the Airbus bribery allegations probe was cleared by Britain's Serious Fraud Office of any wrongdoing. In 2007, Fernandes started a hotel chain, Tune Hotels , based on the no frills concept. It has properties in Britain, Australia and
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3066-632: The Stockbrokers' Association of Malaya, but it still did not trade public shares. In 1960, the Malayan Stock Exchange was formed and public trading started on 9 May that year. In 1961, a board system was introduced in two trading places, one in Singapore and one in Kuala Lumpur. The two trading rooms were linked by direct telephone lines into a single market with the same stocks and shares listed at
3139-446: The airline as a low-cost carrier on January 15, 2002. This strategic shift involved adopting a no-frills service model, enabling AirAsia to offer fares that were significantly lower than those of its competitors, particularly Malaysia Airlines. Promotional fares began as low as MYR 10 (approximately US$ 2.63), which attracted a large number of passengers . In its first year under the low-cost model, AirAsia achieved profitability, marking
3212-505: The airline can efficiently serve its domestic and international markets. As of July 2024, AirAsia Malaysia operates the following aircraft: Previously operating the Boeing 737-300 , AirAsia has now completely converted to the Airbus A320 family . In June 2011, AirAsia ordered 200 Airbus A320neos at the Paris Air Show . The planes were originally due to become available in 2015, and
3285-531: The airline further broadened its network by adding Manila and Xiamen to its destinations. AirAsia was also quick to embrace technological advancements, becoming a pioneer in the region. In 2002, the airline introduced ticketless travel via online bookings , becoming the first airline in Asia to do so. This innovation revolutionized ticket purchasing. Additionally, the airline launched SMS booking services, allowing customers to book flights directly from their mobile phones. The growth of affiliate airlines played
3358-1114: The airline launched the Airasia Super App, diversifying its business model beyond air travel to include services such as food delivery , e-commerce and logistics. This move was aimed at adapting to changing consumer behaviors and maintaining a steady revenue stream in the face of reduced air travel. As vaccination rates increased and travel restrictions began to ease in 2021, AirAsia gradually resumed its operations. The airline restarted domestic flights within Malaysia in April 2021, focusing initially on rebuilding its domestic network before reintroducing international routes. By late 2022, AirAsia began reinstating international routes, prioritizing key markets within ASEAN and beyond. The airline targeted popular destinations in Thailand, Indonesia and India to restore its pre-pandemic network. AirAsia's recovery continued throughout 2022, as demand for travel rebounded. By
3431-563: The airport’s low-cost carrier capacity, operating 112 international and 14 domestic routes. Beyond aviation, AirAsia has sponsored various sports teams, including the Malaysia national football team , Singapore national football team , Jamshedpur FC and Queens Park Rangers in England. The airline has also supported major events, such as the Asia leg of Taylor Swift 's Red Tour . With its extensive network and strategic partnerships, AirAsia remains
3504-508: The appeal of a London club, like QPR, was too good an opportunity to turn down. Tony Fernandes, August 2011 While Neil Warnock remained as the club's manager for their return to the top-flight, a run of eight Premier League games without a win eventually led to his sacking. Mark Hughes was quickly named as his replacement, signing a two-and-a-half-year deal in the process. Despite their new manager, QPR's poor run of form continued, which left them fighting for Premier League survival on
3577-487: The club into the 2012–2013 season , but after just four points from 12 games and without a single win – one of the worst starts in Premier League history – Fernandes dismissed Hughes. Fernandes hired former Tottenham Hotspur manager Harry Redknapp on 24 November 2012, but he was also unable to solve QPR's problems. Following a goalless draw with relegation rivals Reading on 28 April 2013, both teams were relegated to
3650-489: The club, although co-owners David Sullivan and David Gold rejected his bid. Sullivan told the Evening Standard : "He wanted 51% of the club for two bob." Sullivan's comments started a war of words on Twitter . "It was a good offer with good money and brought in good people," said Fernandes. "Gold and Sullivan can say whatever they want. I have been a lifelong fan and would have brought good money, good ideas, new people and
3723-485: The club. Fernandes was previously married to Deborah Lee Bergstrom on 1 June 1994 and separated in 2004. They had two children, Stephanie and Stephen. On 14 October 2017, Fernandes married a South Korean actress, Chloe Kim, at Hotel Cap Estel, in Èze on the French Riviera after having dated her for more than two years. On 3 October 2021, he announced on his LinkedIn that his third child, Aliyah Ena Fernandes and
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#17328582060943796-478: The company to pursue his dream of starting a budget no-frills airline. It was through the late Datuk Pahamin A. Rajab, the former secretary-general of the Malaysian Domestic Trade and Consumer Affairs Ministry that Fernandes came to meet with then Prime Minister, Tun Dr. Mahathir Mohamad in October 2001. Instead of starting from scratch, Mahathir advised Fernandes to buy an existing airline. AirAsia,
3869-669: The creation of a new entity, AirAsia Group Berhad, was proposed, but by August 2024, the decision was made to directly acquire AirAsia and AAAGL instead. This acquisition, expected to be finalized by the end of 2024, is projected to provide access to over 200 aircraft and 361 future aircraft orders from Capital A's aviation portfolio, integrating narrow-body and wide-body aircraft into a unified fleet. This enhanced fleet aims to improve operational efficiency, expand service offerings and bolster AirAsia’s competitive position across key market segments. In late 2024, AirAsia outlined ambitious plans to position Kuala Lumpur International Airport as
3942-405: The deal was one of the largest ever for commercial aircraft in a single order. The deal was worth US$ 18 billion at list prices, although AirAsia will have obtained a substantial discount from those prices. The deal makes AirAsia Airbus' single biggest customer. On 13 December 2012, AirAsia placed an order for an additional 100 Airbus A320 jets, splitting it between 64 A320neo and 36 A320ceo. At
4015-683: The end of 2015. The former registered office was on level 13 of the Menara Prima Tower B in Petaling Jaya . RedQ is scheduled to hold about 2,000 AirAsia and AirAsia X employees. Aireen Omar, the AirAsia Country CEO of Malaysia, stated that the headquarters needed to be redesigned because in the klia2 plans the location of the control tower had been changed. Construction on the facility was scheduled to begin in July 2014. Malaysia Airports Holdings
4088-444: The end of the year, the airline had carried approximately 9.95 million passengers. In 2023, AirAsia significantly increased its capacity, with a nine-fold increase in available seats compared to the previous year. This expansion was driven by the resumption of routes and the addition of new aircraft to its fleet. Additionally, the airline expanded its international network by reintroducing routes between Thailand and China, capitalizing on
4161-399: The final day of the 2011–2012 season . Relegation rivals Bolton Wanderers needed a win to have any chance of survival, but could only muster a draw with Stoke City , meaning QPR were safe, despite losing 3–2 to Manchester City after Sergio Agüero's injury-time winner – a goal which stole the Premier League title from arch-rivals Manchester United on goal difference. Mark Hughes led
4234-492: The following aircraft: AirAsia offers "Santan" menu, with options to buy on board offering food, drinks, merchandise and duty free for purchase. Pre-purchase of "Santan" meals is available at a lower price than on board, and with additional options AirAsia is accredited by the KL Syariah Index of Bursa Malaysia, and in accordance with Shariah principles, it does not serve alcohol or pork . However, this applies only to
4307-516: The former QPR badge and colours and engaged more with the community near Loftus Road. In August 2018, Fernandes said that his tenure was “fast coming to a close”. He planned to step down and hand over the position of co-chairman to vice chairman Amit Bhatia , a change finalised on 15 August 2018. On 10 July 2023, it was announced that Fernandes no longer held any shares in QPR's holding company, QPR Holdings Limited, and would no longer have involvement in
4380-514: The global aviation downturn after the September 11 attacks . By September 2001, AirAsia’s debt had risen to around US$ 11 million, leaving the company on the brink of collapse . On September 5, 2001, Tony Fernandes and Kamarudin Meranun acquired AirAsia through their company Tune Air Sdn Bhd for a nominal sum of one ringgit (approximately US$ 0.26), taking on its considerable liabilities. Fernandes,
4453-480: The growing demand from travelers eager to visit these popular destinations. On 8 January 2024, AirAsia X signed a non-binding agreement with Capital A to fully acquire AirAsia Bhd and AirAsia Aviation Group Limited (AAAGL), which oversees AirAsia’s affiliates outside Malaysia. The plan involves merging AirAsia Malaysia, Indonesia AirAsia , Philippines AirAsia and AirAsia Cambodia under the AirAsia X brand. Initially,
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#17328582060944526-466: The heavily indebted subsidiary of the Malaysian government-owned conglomerate , DRB-Hicom , was then losing money. Fernandes mortgaged his home and used his personal savings to acquire the company, comprising two Boeing 737-300 jet aircraft and debts of US$ 11 million (RM40 million), for one ringgit (about 26 US cents). One year after his takeover, AirAsia had broken even and cleared all its debts. Its initial public offering (IPO) in November 2004
4599-420: The late 1990s, AirAsia had accumulated substantial debts, amounting to approximately MYR 40 million (around US$ 10.5 million). Efforts to stabilise the airline included route expansion, leasing aircraft for Hajj charters and internal discussions about potential management changes. However, these initiatives were insufficient to address the airline's structural issues. The situation deteriorated further following
4672-574: The parts that make football quite - maybe immoral is a strong word - but they would sell their grandmother to do something. It's all part of the football ecosystem." In 2013 Fernandes said in an interview that he would leave the club if he was unable to "fix" their problems. In a 2017 interview, after a year in the Premier league in 2014-15 and three years relegated to the Championship league from 2015 to 2018, Fernandes admitted having made several mistakes, but also noted that much had been achieved. He restored
4745-496: The reality game show The Apprentice , in which a group of aspiring young businesspeople compete for the chance to work with Fernandes. However, his role will be replaced by founder, chairman, and CEO of ONE Championship , Chatri Sityodtong for the second season in 2021. In 2017, Fernandes launches his first memoir, Flying High , published by Penguin Books . In 2018, he was named the head of Malaysia Stadium Corporation (MSC) by
4818-505: The regional AirAsia group flights, and not to the AirAsia X flights, which do sell wine and beer on board. AirAsia is taking the first steps towards starting its own frequent-flyer programme . The airline has signed an agreement to start a joint venture with financial services firm Tune Money to launch a programme called "BIG". Under this programme, it will issue loyalty points to AirAsia customers and third-party merchants. Points can then be used to redeem AirAsia flights. The head office
4891-402: The world’s first low-cost courier service . The same year, the airline began flights from Penang to Hong Kong , adding Penang as another hub in its network. In 2011, AirAsia entered into a controversial share swap agreement with Malaysia Airlines, aiming to reduce competition between the two carriers. However, due to regulatory concerns, this partnership was dissolved in early 2012, marking
4964-624: Was admitted as an associate member of the Association of Chartered Certified Accountants (ACCA) in 1991 and became Fellow in 1996. He is currently a member of the Institute of Chartered Accountants in England and Wales (ICAEW). Fernandes was formerly a Warner Music executive in Malaysia, and Vice President, ASEAN at Warner Music South East Asia from December 1999 to July 2001. When Time Warner (later WarnerMedia ; now Warner Bros. Discovery ) announced its merger with America Online , Fernandes left
5037-501: Was born on 14 August 2021. He is also an Overseas Citizenship of India , owing to his partial Indian ancestry. Fernandes revealed in a separate interview with The Nut Graph in November 2009 and with Free Malaysia Today in September 2016 that he does not speak Malay , while stating that he can understand the language, but he can't speak it very well. As of 2020, Forbes valued Fernandes' net worth at US$ 335 million , dropping from US$ 650 million that rank him at number 28 on
5110-754: Was educated at The Alice Smith School in Kuala Lumpur. Starting at age 12, from 1976 to 1983, he studied at Epsom College boarding school in England. He matriculated to the London School of Economics and graduated with a degree in accounting . Fernandes worked very briefly with Virgin Atlantic as an auditor , subsequently becoming the financial controller for Richard Branson 's Virgin Communications in London from 1987 to 1989 before he joined Warner Music International London as Senior Financial Analyst. Fernandes
5183-410: Was oversubscribed by 130 per cent. Fernandes attributes the success of AirAsia partly to timing. After the 11 September 2001 attacks at New York City and Washington, D.C. , aircraft leasing costs fell 40%. Also, airline lay-offs meant experienced staff were readily available. He believed Malaysian travellers would embrace a cut-rate air service that would save them time and money, especially in
5256-677: Was terminated in June 2013, which led to the airline ceasing operations on 27 October 2013. Bursa Malaysia Bursa Malaysia is the stock exchange in Malaysia . It is one of the largest bourses in ASEAN . It is based in Kuala Lumpur and was previously known as the Kuala Lumpur Stock Exchange (KLSE). It provides full integration of transactions, offering a wide range of currency exchange and related services, including trading, settlement, clearing and savings services. Along with
5329-450: Was the majority shareholder of Queens Park Rangers F.C. . Fernandes was born in Kuala Lumpur on 30 April 1964 to an Indian father (originally from Goa ) and a mother of mixed Indian ( Malayalis ) and Asian- Portuguese ( Kristang ) descent who had been raised in Malacca , Malaysia . At a young age, he would follow his mother who sold Tupperware at Tupperware parties . Fernandes
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