10-7-2023 (KUALA LUMPUR) Tony Fernandes, CEO of Capital A, has sold his entire shareholding in QPR Holdings, the parent company of Queens Park Rangers Football Club (QPR), as announced on Monday. This strategic move allows Fernandes to dedicate his time and efforts to expanding AirAsia and Capital A’s digital businesses, aligning with his vision for growth and innovation in these sectors.
Ruben Gnanalingam, the majority shareholder of the Championship club, expressed his sadness over Fernandes’ departure and reminisced about their shared journey since joining the club together in 2011. He acknowledged the remarkable moments they experienced, including QPR’s survival in the English Premier League in 2012 and their play-off success in 2014. Gnanalingam expressed gratitude for Fernandes’ contributions and assured him that there will always be a place for him at the club.
Fernandes, who acquired QPR alongside Gnanalingam and Kamarudin Meranun over a decade ago, admitted that stepping away from the club was a difficult decision. However, he emphasized that his time and expertise are now required elsewhere. With AirAsia’s resurgence and growth, Fernandes feels a responsibility to give his full focus to rebuilding the airline business and expanding digital companies to deliver exceptional value for ASEAN people. The demand for low-cost, high-value products and services in the region motivates his commitment.
Furthermore, Fernandes intends to shift his attention to finalizing the regularisation plan that will uplift Capital A from the Practice Note 17 (PN17) status. He expressed encouragement that the process of exiting PN17 is progressing positively. Additionally, he highlighted the ongoing efforts to strengthen the balance sheet and develop robust growth models across all businesses, encompassing airlines, logistics, travel, fintech digital business, and aviation services.
