September 7, 2018 / 6:14 AM / 14 days ago

AirAsia's Philippine unit says IPO may be postponed to mid-2019

MANILA (Reuters) - The Philippine unit of AirAsia Bhd (AIRA.KL) said on Friday its planned initial public offering might be pushed back to mid-2019, citing high fuel costs and other factors.

AirAsia planes are seen on the tarmac at Kuala Lumpur International Airport 2 (KLIA2) in Sepang, Malaysia December 13, 2017. Picture taken through glass. REUTERS/Lai Seng Sin

The low-cost airline had been seeking to raise up to $250 million in an IPO this year to fund its expansion program. [nL4N1ME0X5]

“We are still working on it, but we think it might get delayed to next year,” Philippines AirAsia CEO Dexter Comendador told reporters on the sidelines of an industry forum.

“There are too many problems at the moment especially fuel prices, exchange rate and Boracay closure,” he said, referring to the temporary shutdown of the country’s top tourist destination.

Reporting by Neil Jerome Morales; writing by Enrico Dela Cruz; Editing by Edwina Gibbs

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