Fri, Sep 10, 2010
Independent Airline To Fly International And Domestic
Routes
Japan is about to get its first low-cost airline following an
announcement Thursday of a Memorandum of Agreement between All
Nippon Airways (ANA) and the Chinese direct investment group First
Eastern. The new airline, which will operate independently from
ANA, will fly both international and domestic short-haul routes out
of Kansai International Airport, Osaka.
The new company will be established in the second half of this
year, with Japanese investors holding a 66.7% stake of which ANA
will hold a 39% stake and First Eastern will hold the remaining
33.3% stake, the maximum foreign ownership currently allowed for an
airline in Japan. The new company’s air transport operations
are expected to commence in the second half of 2011.
Shinichiro Ito, President and CEO of ANA, said, “Under our
corporate vision of becoming the number one airline group in Asia,
ANA has been steadily working to substantially improve its network
between Japan and Asia. Regardless of the intense competition in
the air transportation industry, we anticipate an increase in
passenger traffic demand in East Asia, and came to the conclusion
that a low cost carrier would be the right approach to compete
effectively in this market. We are pleased to partner with First
Eastern and to work together to establish the first low cost
carrier in Japan.”
Victor Chu, Chairman and CEO of First Eastern said, “First
Eastern has been pioneering private equity investments from Hong
Kong for over twenty years and we are confident that our unique
regional expertise and networks will contribute significantly to
the success of our new joint venture with ANA.”
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