Sayonara: AirAsia dumps LCC venture in Japan
AirAsia has signaled that it is pulling out of its partnership with Japan’s All Nippon Airways because of slumping business.
The Nikkei business daily said Malaysia-based AirAsia has decided to withdraw from AirAsia Japan, a company it jointly formed with ANA to begin low-cost carrier operations out of Tokyo’s Narita International Airport.
Under an accord reached with AirAsia CEO Tony Fernandes, the Japanese airline plans to buy the 49% stake held by its Malaysian counterpart and turn the joint venture into a 100% subsidiary, Nikkei said.
Meanwhile low-cost, long-haul carrier AirAsia X has launched the prospectus for its Initial Public Offering (IPO) and listing on Bursa Malaysia in July.
The IPO is being offered to institutional investors, selected investors approved by Malaysia’s Ministry of International Trade and Industry, and the general public.
Fernandes, AirAsia X co-founder and director, said: "My vision of creating a domestic hub for local and international passengers alike has come to fruition.
"We are expanding our group further, and this is just the tip of the iceberg."
Ian Jarrett
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