FILE PHOTO: Airasia planes are seen parked at Kuala Lumpur International Airport 2KUALA LUMPUR/BANGKOK -Malaysian budget carrier AirAsia Group said it will buy Indonesian ride-hailing and payments firm Gojek's Thailand business in a stock swap, giving Gojek a 4.76% stake in the airline's lifestyle platform.
"By taking on Gojek's well-established Thai business, we'll be able to turbo-charge our ambitions in this space," AirAsia Chief Executive Tony Fernandes said in a statement. "But the venture faces stiff competition in food delivery from the likes of Line Man, which received a major capital boost last year. Grab has strong position in ride-hailing and Estonia's Bolt is growing its market share," she said.
Gojek's plans for an initial public offering were proceeding though the focus on the two markets was not directly related to its IPO pursuit, he added.