The Philippine unit of Malaysian budget carrier AirAsia Berhad is seeking a valuation of at least $500 million for its initial public offering set within the next two years, the Philippine Daily Inquirer reported, quoting a company official.

Michael Romero, vice chairman of Philippines-based AirAsia Inc, said in a recent interview that plans to go public were still on track. (http://bit.ly/1Fr5cRQ)

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NOTE: Reuters has not verified this story and does not vouch for its accuracy. (Compiled by Manila newsroom; Editing by Sunil Nair)