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AirAsia Indonesia operations may start In January JAKARTA - Malaysia's first budget carrier AirAsia Bhd. (5099.KU) could start operating its 49%-owned Indonesia joint-venture airline as early as January, the Star daily reports, quoting Executive Director Kamarudin Meranun. The actual timing of PT AWAir's start will depend on when AirAsia completes due diligence on the airline and the finalization of the deal, Kamarudin said.
AirAsia is paying a token $2 to buy 49% of PT AWAir, an Indonesian airline that suspended operations in March 2002. The Indonesian joint venture will be AirAsia's second such operation after Thai AirAsia, in which the Malaysian carrier also has a 49% stake. Thai AirAsia is 51% owned by Shin Corp. (SHIN.TH), which is controlled by the family of Thai Prime Minister Thaksin Shinawatra.
PT AWAir won't have any debt once the joint-venture is finalized, Kamarudin said. AirAsia last month raised MYR863.4 million in Malaysia's biggest initial share offering this year. Its shares will begin trading Monday. "What we want to do is revive the operations and ply the routes that had been given to AWAir. We are also eying several other destinations," he said. The operations needed two planes initially and these would be leased soon, he added. AirAsia could initially invest $10 million in the operation, he said.



Posted in Economy @ 19 November 2004 00:02 CET by Jeroen · 'Blog' RSS feed · permalink






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