Malaysia’s AirAsia Group wins approval for $120m govt-guaranteed loan

REUTERS/Beawiharta

Malaysia’s AirAsia Group has received approval from Danajamin Nasional Berhad for a club facility of up to 500 million ringgit ($120 million), it said in a statement on Tuesday.

The loan, 80% of which is guaranteed by the government, is earmarked for working capital purposes, which will support staff costs and key operating expenses such as aircraft maintenance as the group prepares to ramp up operations, it said.

The loan, disbursed as part of a COVID-19 economic stimulus package from the government, has been approved by the airline’s lenders under a club deal term financing, it said.

Danajamin Nasional, the country’s only financial guarantee insurer, is half-owned by the finance ministry.

Malaysia is looking at allowing interstate domestic travel and international travel for its citizens when 90% of its adult population is fully vaccinated. The rate stood at 88% on Monday.

AirAsia has been seeking up to 2.5 billion ringgit to weather the pandemic-induced slump in global travel, initially aiming to secure the funds by the end of last year.

The group plans to raise up to 1 billion ringgit The group plans to raise up to 1 billion ringgit through a rights issue by the end of this year through a rights issue by the end of this year.

Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.