THE stock market sentiment may be dreary, but they say it is going to be a year of initial public offerings (IPOs).

That’s where the exictement is going to be. So, in that sense, any news on IPOs is noteworthy, even if the ideas may seem a tad outlandish.

Consider what Tan Sri Tony Fernandes said on Thursday. In announcing spectacular results, he took the opportunity to voice his vision of having a single listed Asean entity for the holding company of the AirAsia group. He urged Asean Governments to relax ownership restrictions and consider Asean investors as local investors. Fernandes didn’t elaborate on this vision. Does the plan involve creating one Asean holding company and listing it on all Asean exchanges, with the hope of getting through the listings with one entry requirement? Or does it involve creating one Asean listed company and listing it on one top Asean exchange, with Asean investors being allowed to invest in this company without any local restrictions?

The latter is ideal. To be sure, there is a decent level of inter-broking already in place, meaning that it is not difficult for Malaysians and Thais to buy Singapore-listed shares, for example.

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