Due to 1997-1998 Asian financial crisis, AirAsia was heavily indebted. On 8 December 2001, music mogul Dato’ Seri Tony Fernandes decided to retire from music industry and purchased 99. 25 per cent equity (51. 68 million shares) in shares from DRB-Hicom via his company Tune Air Sdn. Bhd. with a token sum of one ringgit. Without looking back, Tony Fernandes transformed AirAsia as a low fare airline together with Conor McCarthy, the former Ryanair director of group operation.
Known of its corporate tagline “Now everybody can fly’, AirAsia became the first successful low cost and ticket-less airline in the Southeast Asian region. AirAsia offers a simple service at ares lower than those offered by other full-service airlines. It was modelled on U. S. – based Southwest Airlines and Dublin-based Ryanair. AirAsia was established to create a new aviation product in Malaysia, revolutionize air travel, and grow the local aviation market by providing low fares so more people can fly.
AirAsia now flies to over 60 destinations in Malaysia, Thailand, Indonesia, Singapore, China, Philippines, Brunei, Cambodia, Laos, Vietnam and Myanmar. It also formed 2 successful Joint ventures in Thailand through Thai AirAsia, and Indonesia through Indonesia AirAsia, expanded its fleet from the two to twenty eight. To date the AirAsia group, has carried over 35 million guests. AirAsia Group of Companies Corporate Vision, Mission and Values Vision I To be the largest low cost airline in Asia and serving the 3 billion people who are currently underserved with poor connectivity and high fares.
I Mission I * To be the best company to work for whereby employees are treated as part of a big that everyone can fly with AirAsia * Maintain the highest quality product, embracing technology to reduce cost and enhance service level I Values I * Safety FirstPartnering with the world’s most renowned maintenance providers and omplying with the world airline operations * High Aircraft Utilisationlmplementing the regions fastest turnaround time at only 25 minutes, assuring lower costs and higher productivity * Low Fare, No FrillsProviding guests with the choice of customising services without comprising on quality and services * Streamline OperationsMaking sure that processes are as simple as possible