Just nine months after the dissolution of the joint venture between Air Asia and All Nippon Airways (see here), the Malaysian low-cost carrier has announced that it will re-enter the Japanese market.
Air Asia has entered into a shareholders agreement with four local companies to re-establish Air Asia Japan and this time it will be the only airline partner.
With a tentative start-up capital of seven billion yen (US$68.6 million), Air Asia will own a 49 per cent stake in Air Asia Japan, while the other four Japanese companies will own a combined 51 per cent.
The shareholders include Octave Japan Infrastructure Fund I GK, which was incorporated in May 2014 specifically to deal with the shares of Air Asia Japan and make collections on the returns, and will own 19 per cent of the airline.
Other partners include Japan’s biggest online retailer Rakuten Inc. who will hold an 18 per cent stake; Noevir Holdings Co. Ltd. with nine per cent, whose business ventures include cosmetics, pharmaceuticals, health food, apparel and aircraft leasing; and Alpen Co. Ltd. with a five per cent stake, who manufacture sports equipment and manage ski resorts, golf courses and fitness clubs.
Tony Fernandes, group chief executive officer of Air Asia said: “The Air Asia Japan team is now working hard with the relevant authorities to obtain necessary operational approvals, and we hope that all will be in place to start both domestic and international flights by the summer of 2015.”
Air Asia Japan will start with two Airbus A320 aircraft and plans to have a fleet of four by the end of 2015.
For more information, visit airasia.com
Clement Huang
