KUALA LUMPUR, Feb 25 ― Dr Stanley Choi Chiu Fai, chairman of Head & Shoulders Financial Group, and chairman and executive director of International Entertainment Corporation (IEC), has joined AirAsia Group Bhd as a substantial shareholder.

He joined the group via his wholly-owned entity Positive Boom Ltd on February 18, 2021, Air Asia said in a statement today.

Stanley Choi has acquired 167.1 million AirAsia shares in the first tranche of the private placement, raising his shareholding in the group to 332.5 million shares equating to a 8.96 per cent stake.

"It is my great pleasure and honour to gain a substantial ownership stake in AirAsia Group as the low cost airline has a very bright future ahead. I look forward to working with everyone at AirAsia,” he said.

Meanwhile, AirAsia executive chairman Datuk Kamarudin Meranun said the group is thrilled to welcome Stanley Choi as a strategic shareholder, bringing an impressive track record and solid reputation as a business powerhouse to the group.

"We are confident that he will add value to our digital business development in China through his vast experience and network with top digital players in the country,” he said. ― Bernama