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Virgin takes stake in Asian start-up carrier
Virgin Group has become a 20% shareholder in new low fares Far East carrier Air Asia X.
The Malaysia-based airline plans budget flights to throughout the region and to the UK and Europe.
The first services are due to be launched next month to Australia and China, followed by London and India.
The value of the investment has not been disclosed but it gives Sir Richard Branson’s group a firm foothold in the burgeoning Asian airline sector.
The deal involves Virgin taking a fifth of the shares in Fly Asian Express, the holding company of the Kuala Lumpur-based airline controlled by Malaysian businessman Tony Fernandes.
Its short-haul arm Air Asia was launched in 2001.
Sir Richard was quote as saying: “I am thrilled to be able to support them in this venture and look forward to seeing low cost, long haul travel being opened up from their base in Malaysia.”
Virgin-branded aircraft have just taken off in the US under the guide of Virgin America while the group also has a stake in Australian carrier Virgin Blue.
by Phil Davies
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