AirAsia to sell more stakes in non-flying businesses to fund dividends

Agencies
October 31, 2017

Singapore, Oct 31: AirAsia Bhd on Tuesday said it plans to sell more stakes in non-flying businesses to fund special dividends to shareholders, after announcing a new ground handling joint venture (JV) with Singapore's SATS Ltd.

The low-cost carrier, which expects S$119.3 million ($87.7 million) in proceeds from the SATS deal, is close to selling some or all of its aircraft leasing arm and its remaining 25 percent stake in a travel booking joint venture with Expedia Inc , its founder and Group CEO Tony Fernandes said.

The airline will also consider the sale of stakes in its food, engineering and duty free businesses in the future, although no talks on those have begun, Fernandes said.

"We are going to special dividend those things out," he told Reuters after a media briefing on the SATS deal.

"There is a whole pipeline of those assets. We do joint ventures and eventually we will dispose of those joint ventures. They are not core. But the relationship will always stay."

AirAsia got $100 million from its August sale of a 50 percent stake in aviation academy Asian Aviation Centre of Excellence to CAE International Holding Ltd.

Fernandes said he hoped to complete the sale of the leasing business, which two sources in March valued at $900 million, by the end of the year.

He said talks with potential buyers had dragged on because AirAsia wanted to ensure it had the right balance between receiving a high upfront price and ensuring its leasing costs were reasonable in the future.

"I think now we have got a very good deal which is a win-win situation," he said, without identifying the buyer.

Fernandes said he would prefer for AirAsia to keep a stake in the business rather than sell it entirely as it was doing with the SATS JV, but it was a decision for the board.

As part of the SATS deal, AirAsia will receive a 40 percent stake in ground handling at the new Terminal 4 at Singapore's Changi Airport, while SATS will get a 49 percent stake in AirAsia's Malaysian ground handling unit.

The pair will be targeting third-party ground handling contracts in Malaysia, and possibly in Indonesia, Thailand and the Philippines at a later date, SATS CEO Alex Hungate said.

"We get to use those assets for a broader base of customers and we get a better return on assets," he said.

AirAsia has ground handling operations at 15 airports in Malaysia but no third-party contracts at present.

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News Network
January 23,2026

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Prime Minister Narendra Modi, during his visit to Thiruvananthapuram on Friday, January 23, indicated that the Bharatiya Janata Party (BJP) is aiming to expand its political footprint in Kerala ahead of the Assembly elections scheduled in the coming months.

Speaking at a BJP-organised public meeting, Modi drew parallels between the party’s early electoral gains in Gujarat and its recent victory in the Thiruvananthapuram Municipal Corporation. The civic body win, which ended decades of Left control, was cited by the Prime Minister as a possible starting point for the party’s broader ambitions in the state.

Recalling BJP’s political trajectory in Gujarat, Modi said the party was largely insignificant before 1987 and received little media attention. He pointed out that the BJP’s first major breakthrough came with its victory in the Ahmedabad Municipal Corporation that year.

“Just as our journey in Gujarat began with one city, Kerala’s journey has also started with a single city,” Modi said, suggesting that the party’s municipal-level success could translate into wider electoral acceptance.

The Prime Minister alleged that successive governments led by the Left Democratic Front (LDF) and the United Democratic Front (UDF) had failed to adequately develop Thiruvananthapuram. He accused both fronts of corruption and neglect, claiming that basic infrastructure and facilities were denied to the capital city for decades.

According to Modi, the BJP’s control of the civic body represents a shift driven by public dissatisfaction with the existing political alternatives. He asserted that the BJP administration in Thiruvananthapuram had begun working towards development, though no specific details or timelines were outlined.

Addressing the gathering at Putharikandam Maidan, Modi said the BJP intended to project Thiruvananthapuram as a “model city,” reiterating his party’s commitment to governance-led change.

The Prime Minister’s visit to Kerala also included the inauguration of several development projects and the flagging off of new train services, as the BJP intensifies its political outreach in the poll-bound state.

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News Network
January 20,2026

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Iranian security and intelligence forces have captured more than 470 individuals in three provinces, identified as key figures behind the recent wave of violent unrest and terrorist activities linked to foreign-backed networks.

The Intelligence Ministry's provincial office in Khorasan Razavi announced on Monday the arrest of 192 armed terrorists, identified as the main agents behind recent riots in the region. 

According to an official statement, the detainees were involved in the killing of several security personnel and civilians, setting fire to mosques, public service facilities, and buses, as well as attacks on military and law enforcement centers.

The seized items from the group include several bulletproof vests, Kalashnikov rifles, hunting weapons, Winchester rifles, and various cold weapons such as daggers, swords, brass knuckles, tactical knives, crossbows, and chains.

Evidence indicates that some of the individuals were tied to hostile movements and terrorist organizations, with links overseas. Others were identified as members of violent criminal gangs, actively taking part in the unrest alongside their associates.

Simultaneously, in the western province of Lorestan, the IRGC announced the arrest of 134 individuals as the main leaders and influential field agents of a US-Israeli terrorist network.

The IRGC statement stated that these individuals formed terrorist cells during the recent unrest, committing "Daesh-like" acts.

They wounded security forces with firearms and cold weapons, and burned and destroyed public and private properties, including mosques, shops, banks, and private and public vehicles.

In the northwestern province of Zanjan, the police reported detaining 150 people identified as principal leaders and agents behind recent riots.

Authorities noted that these individuals were responsible for destroying public and private property and intentionally setting fire to vehicles in the province's squares.

Their crimes include shedding the blood of innocent people, destroying public and private property, attempting to enter military sites, disrupting public order, and spreading terror among citizens.

A variety of cold weapons were reportedly seized from the detainees.

What began late last month as peaceful protests over economic hardship across Iran turned violent after public statements by US and Israeli regime figures encouraged vandalism and disorder.

During the unrest, foreign-backed mercenaries rampaged through cities, killing security forces and civilians and damaging public property.

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News Network
January 20,2026

Mangaluru: In a major step towards strengthening rural innovation, the Office of the Principal Scientific Adviser (PSA) to the Government of India is supporting the establishment of RuTAGe Smart Village Centres (RSVCs) across the country through collaborations with academic institutions, civil society organisations and philanthropic partners.

As part of this national initiative, Nitte (Deemed to be University) will set up the first RSVCs in the region at Nitte GP in Udupi district and at the Nitte Health Centre, Sevanjali Trust, Farangipete, in Dakshina Kannada district. The centres will be inaugurated on January 21. In South India, the programme is being implemented by the Section Infin-8 Foundation (SI-8).

Speaking to reporters on Monday, SI-8 founder-director Vishwas US said experts from Nitte University and SI-8 would work closely with farmers, students, youth and local entrepreneurs to adapt and deploy technologies tailored to local needs.

Project head Prof Iddya Karunasagar, representing Nitte DU, said the RSVCs at Nitte and Farangipete would serve as demonstration hubs for a wide range of agriculture, energy, skill-development and assistive technologies. These include solar dryers for fruits, vegetables and crops; soil-testing solutions; power weeders and women-friendly farm tools; wind-powered devices for rural artisans; grain storage systems; grass-cutting and tree-climbing equipment; and liquid fertiliser production using cowshed waste.

SI-8 CEO Aravind C Kumar said the centres would also provide access to digital and knowledge-based platforms such as ISRO applications, government scheme portals, market linkage tools and gamified learning resources, along with assistive technologies for persons with visual impairments.

Highlighting the broader impact of the initiative, Principal Scientific Adviser Prof Ajay Kumar Sood said it demonstrated how applied research could bridge the rural–urban divide and help create self-reliant, technology-enabled villages.

The initiative has been made possible through philanthropic support from Dr NC Murthy of ACM Business Solutions, LLC, USA. Dr Sapna Poti, Director (Strategic Alliances) at the Office of the Principal Scientific Adviser, said the long-term objective is to build self-sufficient, technology-driven communities capable of generating sustainable livelihoods on their own.

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