(Reuters] Malaysia’s AirAsia Group Bhd stated Friday that they had changed their name to Capital A Bhd, to reflect the expanding portfolio of business beyond its core budget airline.

Because of strict Asian travel regulations, airlines have been badly affected during the pandemic. Malaysian stock exchange has classified it as financially impaired. It has however been raising money to strengthen its balance sheets.

On Jan. 3, the group suggested changing its name.

Capital A has invested heavily in BigPay and Teleport, a logistics arm of Teleport, as well as its mobile Super app to increase revenue. They are in growth phases, but were still loss-making during the quarter ending Sept. 30, 2021.

Tony Fernandes of Capital A stated that the company has spent the two-year downturn in flight building a foundation for a sustainable and prosperous future.

He said that the airline company will keep AirAsia, which is well-known in Asia.

Fernandes stated that two more airlines would be added to the company’s stable, adding five of its affiliates, AirAsia X being one. However, he declined to reveal further details.

Fernandes indicated that this group will also be seeking out to raise around 1 billion ringgit for its financial regularization efforts in the coming year.

He stated that the group had more liquidity than it needs and was very keen to grow and add value.

On Thursday, the carrier reported that it had filled 80% of available seats in the fourth quarter 2021. This was the largest number of passengers since before the pandemic and as travel regulations began to relax.