Malaysia's AirAsia X agrees to form Thai joint venture

Malaysia's AirAsia X agrees to form Thai joint venture
Chairman of AirAsia X Bhd Rafidah Aziz (2nd L) hits the Malay traditional gong as Chief Executive Officer of AirAsia X Bhd Azran Osman-Rani (2nd R), Director of AirAsia X Bhd Kamarudin Meranun (L) and Director of AirAsia X Bhd Fam Lee Ee look on, marking the launch of AirAsia X initial public offering (IPO) in Kuala Lumpur July 10, 2013

KUALA LUMPUR - Malaysian long-haul budget carrier AirAsia X Bhd said it had agreed to set up a joint venture in Thailand with the chief of sister company Thai AirAsia and an advisor to the Thai prime minister.

The joint venture, called Thai AirAsia X, marks the first overseas foray by AirAsia X, the long-haul arm of Asia's largest low cost airline by passengers, AirAsia Bhd.

AirAsia X said in a filing to the Malaysian stock exchange late Wednesday that it had reached agreement with Thai AirAsia chief Tassapon Bijleveld and Julpas Kruesopon, a businessman and advisor to Thai Prime Minister Yingluck Shinawatra, to set up the company.

Thai AirAsia X submitted an application for an air operator's licence on June 20 and expected approval to be granted by end of this month.

The company will then apply for an air operator's certificate, AirAsia X said in the filing.

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