(MENAFN- Saudi Press Agency) Southeast Asia's top budget carrier AirAsia says it has aborted an $80 million deal to buy Indonesia's Batavia Air because it will be too risky for shareholders, AP reported.
AirAsia announced the deal in July to accelerate expansion in Southeast Asia's biggest economy.
AirAsia Chief Executive Tony Fernandes says a thorough evaluation found the deal would have 'induced too many risks' and would hurt earnings.
Fernandes said Monday that AirAsia would proceed with plans to list its Indonesian unit and remained focus on expanding in Indonesia's lucrative air travel market.
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