Thai AirAsia, AirAsia’s associate company in Thailand, announced a change in the company’s ownership structure to comply with Thai laws on foreign ownership. Under the near shareholding structure, Shin Corp’s 50% stake in…
Thai AirAsia, AirAsia’s associate company in Thailand, announced a change in the company’s ownership structure to comply with Thai laws on foreign ownership. Under the near shareholding structure, Shin Corp’s 50% stake in Thai AirAsia will be liquidated to a local Thai company named Asia Aviation Co. Ltd. AirAsia International Limited’s (AAIL) 49 % stake in Thai AirAsia will remain unchanged, while Tassapon Bijleveld, Chief Executive Officer of Thai AirAsia holds the remaining 1%.
Asia Aviation Co. Ltd is a registered company with the Commerce Ministry`s Business Development Department, and consists of the following shareholders: Mr. Sittichai Veerathummnoo, 51% and ShinCorp, 49%.
The total investment for this new entity is THB400 million. With this new shareholding in place, Thai AirAsia remains a majority Thai holding company since Asia Aviation is a Thai domicile company with majority Thai shareholders. Thai AirAsia complies with all the regulations of the Department of Civil Aviation of Thailand, and will maintain its current operations. Shin Corporation has already notified the Stock Exchange of Thailand (SET) of this transaction, earlier today.
Tony Fernandes, Group CEO of AirAsia said, We are pleased that Thai AirAsia has taken on a new partner to ensure the continuity of a very successful airline business. Thai AirAsia`s change in shareholding complies with the Thai civil aviation regulations.
We have enjoyed a strong partnership with ShinCorp, we are glad that they remain as our partners. Thai AirAsia has grown from strength to strength, from our humble beginnings two years ago to where we are now, the largest low cost carrier in Thailand with 15 routes to our name.
We believe that we have a strong product that caters to the needs of the mass traveling market in this part of the region. We look forward to further develop Thailand as the gateway for low cost travel to the region with our new partners.
Thai AirAsia has to date carried over 3million guests since commencing operations in 2003. The Thai based low fare airline currently operates 241 weekly departures from its hub in Bangkok International Airport to 15 domestic and regional destinations such as Malaysia (Kota Kinabalu, Penang, Kuala Lumpur), Singapore, Macau, China, Cambodia, and Vietnam. Thai AirAsia presently operates a fleet of 9 Boeing 737-300s.
Vicky is the co-founder of TravelDailyNews Media Network where she is the Editor-in Chief. She is also responsible for the daily operation and the financial policy. She holds a Bachelor's degree in Tourism Business Administration from the Technical University of Athens and a Master in Business Administration (MBA) from the University of Wales. She has many years of both academic and industrial experience within the travel industry. She has written/edited numerous articles in various tourism magazines.
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