Malaysia low cost carrier AirAsia proposes to place up to 481 million shares, with the price to be determined later.

AirAsia has finalised "certain details" of the proposed private placement representing up to 20% of the company's issued and paid up share capital, says CIMB Investment Bank in a statement to Malaysia's stock exchange.

"The placement shares will be placed out by way of book building by placement agents appointed/to be appointed by AirAsia, and the placees will be identified at a later stage."

On 7 July Tony Fernandes, CEO of Malaysia low cost carrier AirAsia, told ATI the 20% share issue the airline plans could go to a single investor.

"(A single investor) is an option," said Fernandes. "Many have approached us for the whole 20%."

Fernandes also said he had no preference between a local or foreign investor, and confirmed that she share sale is to reduce debt.

Source: Air Transport Intelligence news