AirAsia scuttles 'risky' plan to buy Indonesian carrier | Bangkok Post: business

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AirAsia scuttles 'risky' plan to buy Indonesian carrier

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JAKARTA — Southeast Asia's largest budget airline AirAsia has scrapped plans to acquire Indonesian carrier Batavia Air because the move was too risky, its chief executive said on Monday. 

"In our minds, the timing was perhaps not appropriate as it would have induced too many risks," AirAsia Group CEO Tony Fernandes said in a statement, repeating his carrier's "aggressive focus" in Indonesia and plans to list in the country.

Last week a source familiar with the deal said the Malaysian tycoon wanted to raise up to $550 million by listing shares in the long-haul arm and Indonesian unit of AirAsia as well as in his insurance firm.

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