KUALA LUMPUR Shares in Capital A Bhd fell in morning trade following the announced disposal of its remaining 16.33% stake in AirAsia India for RM89.3mil cash.
As at 11.25am, the counter was trading one sen or 1.7% lower at 58.5 sen on the back of 1.82 million shares crossing hands.
The aviation and lifestyle group announced yesterday AirAsia Aviation Group Ltd, its airline holding company, would make an exit from the Indian business as it focused on the Asean market.
"India will remain an important market for AirAsia and will continue to be served by our various airlines. We will use the experience and knowledge we have gained from operating in the Indian domestic market to grow the Asean-Indian market in logistics and passenger services to a far greater extent," said AirAsia Aviation Group CEO Bo Lingam in a press statement.,
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Despite what it said was a painful exit, Hong Leong Investment Bank (HLIB) research said the sale was a positive short-term measure for Capital A as it strengthens its cash coffers and addresses its ongoing liquidity concern amid an ongoing recovery from the Covid-19 pandemic.
"We believe CapA will be able to leverage on the recovery of regional air travel demand.
"Over the longer term, when CapA’s balance sheet has strengthened, we believe CapA will again explore opportunities into expanding the group’s network and market reach," it said in a note.
According to the research firm, Capital A will not be recognising gain or loss on the disposal as the price is matched to its fair value.
HLIB maintained its "buy" call on Capital A with an unchanged target price of 88 sen.
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