Who Owns AirAsia?

AirAsia traces its origins to 1993, when the Malaysian government established the airline as a second national carrier under conglomerate DRB-Hicom. The airline struggled under state ownership, accumulating debt and failing to build a meaningful market presence against Malaysia Airlines.

The defining moment came in 2001, when entrepreneurs Tony Fernandes, a former Warner Music executive, and Kamarudin Meranun, an accountant, acquired the airline for a token sum of one Malaysian ringgit through their holding company Tune Air. They assumed roughly RM40 million in debt and relaunched AirAsia in December 2001 as a low-cost carrier modeled on Ryanair and Southwest Airlines. The timing was difficult. The September 11 attacks had just depressed global aviation, but cheap aircraft and willing staff allowed rapid scaling.

AirAsia turned profitable within two years and listed on Bursa Malaysia in 2004 through AirAsia Berhad. Expansion followed across Southeast Asia. Thai AirAsia launched in 2004 as a joint venture, Indonesia AirAsia followed in 2005 after acquiring Awair, and Philippines AirAsia began operations in 2012. Long-haul affiliate AirAsia X started flying in 2007 with Airbus A330 widebodies, opening routes to Australia, China, and the Middle East at fares far below full-service rivals.

The brand pioneered ancillary revenue in Asia, charging separately for bags, meals, and seat selection while keeping base fares low. Its slogan, "Now Everyone Can Fly," became one of the most recognized taglines in Asian aviation. The group carried its one billionth guest in 2024.

COVID-19 hit the group harder than almost any airline. Revenue collapsed in 2020 and 2021, and parent company AirAsia Group Berhad, renamed Capital A Berhad in January 2022, was classified as a PN17 financially distressed company by Bursa Malaysia. The group spent six years restructuring, raising capital, and reorganizing its non-airline businesses including logistics arm Teleport, engineering unit Asia Digital Engineering, travel platform AirAsia MOVE, and food brand Santan.

The recovery culminated in the January 2026 disposal of all aviation assets to AirAsia X, creating the consolidated AirAsia Group Berhad. Capital A exited PN17 status in May 2026 and now operates only non-aviation businesses. On a pro-forma basis, the enlarged group carried 68.6 million passengers in 2025 with revenue of RM22.2 billion.