Business
AirAsia shares in biggest daily fall as auditor flags ‘going concern’ doubts

KUALA LUMPUR/SINGAPORE (Reuters) – Shares in Malaysia’s AirAsia Group Bhd (AIRA.KL) tumbled more than 17% on Wednesday in their biggest daily fall after the auditor cast doubt on the budget carrier’s ability to continue as a going concern due to the coronavirus travel slump.
Auditors EY issued an audit opinion stating the airline’s 2019 earnings were prepared on a going concern basis, which is dependent upon a recovery from the COVID-19 pandemic and the success of fundraising efforts.
AirAsia said in response that Malaysia’s stock exchange had granted it 12 months relief from being classified as a financially distressed firm, a classification that would require it to submit a business improvement plan.
Other firms hit by the pandemic have received similar relief.
“EY is waving a red flag, which signals to investors and creditors serious risks to AirAsia if the current crisis doesn’t end soon or if the airline doesn’t get a cash injection,” said Shukor Yusof, head of aviation consultancy Endau Analytics.
Shares in AirAsia, one of Asia’s biggest budget carriers, have plunged 58% this year, giving it a market value of about $550 million. Shares in its long-haul arm, AirAsia X Bhd (AIRX.KL), fell 5% on Wednesday.
Like other airlines, AirAsia has been hit hard as the coronavirus hammers travel demand. It posted a first-quarter loss of 803 million ringgit ($188 million), its biggest loss for the quarter since its 2004 listing.
AirAsia said last month it was evaluating capital-raising proposals to strengthen its equity base.
AirAsia management has given guidance that an equity raising via a placement or rights issue looks imminent, Affin Hwang Capital analyst Isaac Chow wrote in a report on Tuesday.
AirAsia did not comment on its fundraising efforts.
The airline’s liabilities exceeded its assets by 1.84 billion ringgit at the end of 2019, Ernst & Young said in its unqualified opinion. An unqualified opinion indicates the auditor believes a company has prepared its statements fairly.
AirAsia said on Monday joint ventures and collaborations were being considered that might result in additional third-party investments in specific segments of its business.
It has also sought payment deferrals from suppliers and lenders and halted all deliveries of Airbus SE (AIR.PA) jets this year as it seeks to cut costs.
“There’s a question mark over the viability of the low cost carrier business model post-COVID19,” said Yusof, adding AirAsia had little choice but to shrink its fleet size and slash staff and saying its efforts to expand in India and Japan had not been successful.
Elsewhere in the region, Thai Airways International (THAI.BK) and Virgin Australia Holdings Ltd (VAH.AX) have entered bankruptcy protection due to their inability to pay creditors.
($1 = 4.2760 ringgit)
Reporting and photo: Reuters
Business
Dubai Chocolate Brownies in Maldives: BBM, Dreidoppel conclude pastry tour

BBM’s exclusive Dreidoppel Demo Tour, led by Master Pâtissier Frankie Robin, concluded successfully on Apr 30th, after a 10-day pastry training series across 15 leading Maldivian resorts that requested the training. Two city bakeries were also trained on the 30th. The initiative brought together global expertise and a strong commitment to raising pastry standards in the local hospitality industry.
This year’s sessions focused on practical pastry solutions using Dreidoppel’s premium ingredient range to create Panettone, Dubai chocolate brownies, Mousses, Crème Brûlée, Fill & Gloss applications, and Caramel Chocolate Snacks.

A standout feature of the tour was the passion shown by young chefs across the islands.
Chef Frankie Robin remarked, “What truly impressed me was how prepared and passionate the young chefs were. Their eagerness to learn, experiment, and take their skills to world-class standards made every session an absolute joy.”

Grounded in real kitchen challenges—speed, flavour, and efficiency—Chef Frankie’s demos showcased how smart ingredient choices can drive both creativity and performance.
A.V.S. Subrahmanyam, Chief Operating Officer at BBM, added, “At BBM, we believe in more than just supplying ingredients—we are committed to the professional growth of the industry. Collaborations like this empower culinary teams with global techniques and greater confidence.”
The tour reflects BBM’s ongoing efforts to strengthen the Maldivian foodservice industry through knowledge-sharing and access to world-class products.
Business
BBM brings Vaseline, Hellmann’s, BRU Coffee to Maldives market

Bestbuy Maldives (BBM) extended their strong and decades old partnership with Unilever International, by adding to their brand portfolio – Vaseline, Hellmann’s, and BRU Coffee for the Maldivian market.
The collaboration was announced at a Business gathering held at the Manhattan Business Hotel, attended by over 300 trade partners from across Maldives.

With this partnership, BBM strengthens its retail offerings across the Maldives archipelago. Vaseline, a trusted name in skincare, and Hellmann’s, known globally for quality food products, will now be available through BBM’s distribution network.
“Vaseline is a name that generations trust for skin care. And Hellmann’s is a global icon in flavours. We’re proud to bring both to shelves across the Maldives and enrich everyday living for our customers,” said Muksith Hussain, Business Head – Retail.
In the hospitality sector, BBM introduces Bru Coffee as an addition to its HORECA (Hotel, Restaurant, Café) offerings. BRU Coffee provides a quality beverage option for hotels, resorts, and restaurants across the Maldives.

“BRU is one of the most loved coffee brands in the region. With this launch, we’re giving our hospitality partners a versatile product that delivers on both taste and reliability that can be consumed as a beverage and for the purpose of dessert preparation, something they can serve with confidence,” said Hisham Girsy, Business Head – HORECA.
The gathering served as a platform for BBM to engage with its valued trade partners and introduce these new brands to the market.
A.V.S Subrahmanyam, Chief Operating Officer at BBM, remarked: “BBM is built on relationships. This event reflects our commitment to not just introduce great products but to support, connect, and elevate our trade partners. We’re in this together, and the journey ahead is promising.”

As BBM continues to grow its portfolio and global partnerships, the focus remains clear delivering excellence, building trust, and shaping the future of trade in the Maldives.
Bestbuy Maldives (BBM) is a leading distribution company in the Maldives, connecting international brands with local businesses across retail and hospitality sectors. With a customer-focused approach and extensive distribution network, BBM continues to be a trusted partner in the Maldivian market.
Business
Redefining corporate retreats at Cinnamon Dhonveli Maldives

MICE travel is undergoing a sea change—quite literally. No longer limited to traditional conference rooms and structured schedules, Meetings, Incentives, Conferences, and Events (MICE) are now about creating moments that inspire, rejuvenate, and bring teams closer together. At Cinnamon Dhonveli Maldives, the boundaries between business and leisure blur, offering a setting that transforms work into a pleasure.

Just a 20-minute speedboat ride from Malé, Cinnamon Dhonveli Maldives is the ideal destination for teams looking to escape the expected. Here, brainstorming sessions take place on powder-soft beaches, where the rhythmic waves set the pace for new ideas. Mornings might begin with yoga by the ocean, followed by strategy meetings in open-air pavilions. Afternoons invite collaborative workshops under swaying palms or team-building activities that include snorkelling, paddleboarding, or even a friendly beach volleyball match.

Dining at Cinnamon Dhonveli Maldives elevates every corporate event with fresh, sea-to-table cuisine, designed to fuel both body and mind. From curated group dinners under star-streaked skies to themed private banquets, every meal becomes an experience in itself. For those looking to celebrate milestones or reward top performers, the resort’s scenic locations offer the perfect backdrop for gala evenings or intimate cocktail gatherings.

Accommodation blends comfort with elegance, offering ocean-view suites and beachside retreats that allow participants to rest, recharge, and return with a fresh perspective. Despite the remote charm, connectivity is never an issue—seamless Wi-Fi and business-friendly amenities ensure that productivity doesn’t pause, even in paradise.

Cinnamon Dhonveli Maldives turns corporate travel into something memorable. Whether it’s a leadership retreat, a high-level conference, or an incentive escape, the resort offers a canvas for events that leave lasting impressions. Here, business goals are pursued in harmony with nature, creativity flows effortlessly, and the line between work and well-being fades.
Let your next MICE experience be more than a meeting—make it a journey worth sharing.
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