AirAsia X enters into a joint venture with shareholders of Thai AirAsia X

AirAsia X announced (18-Sep-2013) it has entered into a JV agreement with Tassapon Bijleveld and Julpas Kruesopon, the shareholders of Thai AirAsia X (TAAX), to set out the terms governing the parties' relationship in TAAX and to regulate the businesses and affairs of the carrier. Under the JV, TAXX will have a paid-up capital of THB1.1 billion (USD35.3 million) divided into 112.5 billion ordinary shares, at the par value of THB10 (USD0.32) per share of which AirAsia X has subscribed for 49%, resulting in a total capital contribution of up to USD17.15 million up to 2015. Mr Bijleveld and Mr Kruesopon's capital and investment outlay in TAAX, up to 2015, will be equivalent to USD14.35 million (41%) and USD3.5 million (10%), respectively. The board of TAAX will consist of at least three directors nominated by AirAsia X and the chairman of TAAX board, appointed by other shareholders. [more - original PR]