AirAsia to sell more stakes in non-flying businesses to fund dividends

AirAsia to sell more stakes in non-flying businesses to fund dividends

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SINGAPORE, Oct 31 : AirAsia Bhd on Tuesday said it plans to sell more stakes in non-flying businesses to fund special dividends to shareholders, after announcing a new ground handling joint venture (JV) with Singapore’s SATS Ltd.
The low-cost carrier, which expects S$119.3 million ($87.7 million) in proceeds from the SATS deal, is close to selling some or all of its aircraft leasing arm and its remaining 25 percent stake in a travel booking joint venture with Expedia Inc , its founder and Group CEO Tony Fernandes said.
The airline will also consider the sale of stakes in its food, engineering and duty free businesses in the future, although no talks on those have begun, Fernandes said.
(Agencies)