AirAsia will not proceed with proposed Vietjet JV

AirAsia announced (11-Oct-2011) it will not proceed with the proposed JV with Vietjet entered into on 09-Feb-2010 following the expiration of the prescribed period to fulfil the various regulatory requirements stipulated under the Share Purchase Agreement and the Shareholders Agreement. AirAsia stated it had decided to let the JV agreement lapse as Vietjet failed to obtain regulatory approval from the Vietnamese authorities to use the AirAsia brand on its commercial operations. [more - original PR]