Uncertainty over the ownership structure of Malaysian low-cost carrier AirAsia's Thai associate Thai AirAsia has been removed following a management buyout of the Thai shareholding.
Thai AirAsia is now 51%-owned by six of the carrier's Thai executives, while Malaysia's AirAsia has retained 49%.
Fifty per cent had been in the hands of politically troubled Singapore-owned conglomerate Shin Corp and Shin Corp associate, Thai businessman Sittichai Veerathummanoon. The conglomerate, founded by former Thai prime minister Thaksin Shinawatra, was sold to a Singapore government investment arm in 2006. This led to concerns about foreign ownership, prompting Shin Corp to sell half its stake to Sittichai.
Source: Airline Business