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Friday, August 31, 2018

DON’T TRY TO BLAME IT ON DR M NOW: IN MAJOR BLOW TO TONY, AIRASIA’S AMBITIOUS DEAL TO GET INTO CHINA’S HUGE MARKET FLOPS

AIRASIA Group has failed to seal a deal with its China partners, delivering a blow to the low-cost carrier’s plans to tap into the world’s second-biggest aviation market, reported Bloomberg.
In a filing yesterday, the Malaysia-based airline said a preliminary agreement for a venture with China Everbright Group and the Henan provincial government, inked last year, had lapsed and would not be extended.
A request for comment sent to AirAsia today has yet to receive a response.
The failure to secure a deal means China remains a key market out of AirAsia’s reach. The company has ordered hundreds of aircraft from Airbus as part of its regional expansion plans, with affiliates in Indonesia, Thailand, India, Japan and Vietnam.
AirAsia, Everbright and the Henan government signed a memorandum of understanding on May 14 last year to negotiate a definitive agreement. The MoU was valid for 12 months.
The airline’s plans included investing in aviation infrastructure, such as a dedicated low-cost carrier terminal at Zhengzhou airport, a pilot-training academy, and aircraft maintenance and repair facilities.
THE MALAYSIAN INSIGHT

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