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AirAsia looks to snap losing streak with IPO of Philippine unit

Local tycoon now affiliate's single largest shareholder with 45% stake

AirAsia Group CEO Tony Fernandes is banking on a successful IPO in the Philippines after failing in Vietnam.   © Reuters

MANILA -- AirAsia Group CEO Tony Fernandes has endured a bumpy ride of late.

He failed at his third attempt to crack the lucrative Vietnamese market in April while rising fuel prices and increased competition have hit the Malaysian budget carrier's balance sheet particularly hard.

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