ExclusiveHong Kong businessman and poker player Stanley Choi backs AirAsia’s recovery from Covid-19 crisis with HK$400 million investment
- Stanley Choi upped his stake last week in AirAsia Group, which he predicts will be among the first in the industry to ‘bounce back’
- He is now the third largest shareholder in the firm behind Southeast Asia’s largest budget carrier
Hong Kong businessman and poker player Stanley Choi Chiu-fai has backed AirAsia Group to be a front runner in the airline industry’s recovery from the Covid-19 crisis by investing HK$400 million (US$55.6 million) in the low-cost carrier.
The merger and acquisitions specialist, who is also a professional gambler, upped his stake in the firm behind Southeast Asia’s largest budget carrier to last week become its third largest shareholder.
“The airline industry has experienced a tough time over the pandemic period but seeing the vaccine roll-out, we can see all the industries and companies like airlines bounce back in terms of stock price,” the 52-year-old said in an exclusive interview with the South China Morning Post.
Choi said the Covid-19 pandemic – the worst crisis to hit the aviation industry – had bottomed out, prompting his months-long effort to build up an eventual 8.96 per cent stake in AirAsia.
“When the placement chance came up, I seized this opportunity,” explained Choi, who also disclosed he bought an “insignificant” number of Cathay Pacific Airways shares when the company launched its rights issue last year.