InfoAnda - AirAsia to launch Philippine joint venture

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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Singapore Asia Pacific World AirAsia to launch Philippine joint venture AFP - Thursday, December 9 Send IM Story Print AirAsia to launch Philippine joint venture Slideshow: Full Photo Coverage: Business & Economy KUALA LUMPUR (AFP) - – Southeast Asia's biggest budget carrier AirAsia plans to launch a joint venture airline operation in the Philippines in 2011, an official involved in the negotiations said Wednesday. "The partnership deal is with a consortium of Philippine business leaders including Antonio Cojuangco (former chairman of Philippine Long Distance Telephone Co.)," the official told AFP on condition of anonymity. Cojuangco is president Benigno Aquinos cousin. Kuala Lumpur-based AirAsia has set up similar joint ventures in Thailand and Indonesia and has previously announced plans to set up a unit in Vietnam. The official said AirAsia would probably take a 40 percent stake in the new company, the maximum allowed under Philippine rules, and that the expansion plan had been in the pipeline for a few years. "We will make it happen as fast as we can. Definitely we are looking at next year for the take off of the domestic and overseas routes," said the official. AirAsia in a statement Wednesday confirmed it had been "exploring the feasibility" of setting up a joint venture in the Philippines. Last month AirAsia said net profit for the September quarter rose to 327.29 million ringgit (62.89 million dollars) from 130.07 million ringgit in the same period last year. Recommend Send IM Story Print Related Articles US-BUSINESS Summary Reuters - 22 minutes ago Wall Street flat but may be regrouping for up move Reuters - 26 minutes ago Airlines see improvement but JetBlue cuts outlook Reuters - 27 minutes ago RPT-RBNZ Governor surprised by S&P rating warning Reuters - 32 minutes ago RPT-UPDATE 1-ACS won't give up on Hochtief over price -source Reuters - 35 minutes ago News Search Top Stories Eurogroup head attacks 'un-European' Germany Successful launch for US company's space capsule Private space capsule splash lands in Pacific: NASA Retired French electrician says heir to second Picasso trove First private space capsule launches from US More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Elizabeth Edwards dies of cancer Russian satellites crash into Pacific: space official Bank of America admits fraud in US antitrust case Study links receipts, cash to cancer and obesity Defiant Obama defends tax cuts, eyes 2012 More Most Viewed » NASA finds new form of life... on Earth World leaders scramble for funds to save the tiger US, S.Korea plan war games after N.Korean attack Defiant Obama defends tax cuts, eyes 2012 More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo! Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Entertainment Photos Yahoo! News Network Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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