Capital A is the new name for AirAsia Group's holding company.

The name change reflects the group's new core corporate strategy as an investment company with a portfolio of mutually supportive travel and lifestyle businesses that have rapidly expanded the AirAsia brand beyond airline status.

AirAsia announced on Friday that it had completed the renaming of its listed holding company to Capital A Sdn Bhd in order to gain market recognition for its expanding portfolio of businesses beyond the core budget airline.

The proposed name change was approved by the Companies Commission of Malaysia (CCM), a statutory body responsible for the regulation of business in the country.

The company's operations will remain unaffected by the name change.

"This is not merely a matter of revealing a new logo. It is a significant milestone that ushers the Group into a new era. Today's announcement reaffirms that we are no longer just an airline," Capital A chief executive Tony Fernandes said.

Capital A is heavily investing in BigPay, Teleport's logistics arm, and its mobile Super App in order to diversify its revenue streams, despite the fact that these businesses are in growth phases and were loss-making in the quarter ended September 30, 2021.

The airline has spent the last two years laying the groundwork for a viable and successful future that is not entirely dependent on airfares, Fernandes explained.

He stated that the airline business will continue to operate under the AirAsia brand, which is well-known throughout Asia.

AirAsia has made significant strides toward realizing its super-app ambitions over the last year with the launch of AirAsia Ride, a ride-hailing service focused on airport transportation for flight passengers.

Additionally, the group stated that it plans to launch its food delivery service in Indonesia by early 2022 and has invited potential partners to apply.

While the name change is subject to shareholder approval at a later date general meeting, it is expected to retain the AirAsia brand for its air carrier business.

AirAsia Digital recently abandoned plans to acquire Velox Fintech, a subsidiary of Gojek Thailand, for US$10 million.

However, the Malaysia-based company recently completed the acquisition of another Gojek Thailand subsidiary, Velox Technology, for US$40 million.

Meanwhile, AirAsia recently concluded a renounceable rights issue to existing shareholders, raising RM974.5 million to support the airline's overall fundraising strategy.

Fernandes stated that the end was finally in sight following the most difficult two years in commercial aviation history.