Virgin Group plc will reportedly sell out its 10 per cent stake in Malaysian based longhaul low cost carrier AirAsia X.
According to Malaysian press reports, the British parent company of Virgin Atlantic Airways will sell its stake to AirAsia and Aero Ventures, which is controlled by AirAsia CEO Tony Fernandes and co-founder Kamarudin Meranum, taking the combined stake of the two companies to 60 per cent. The remaining 40 per cent is owned by Japanese finance house Orix and Bahrain’s Manara Consortium.
AirAsia X CEO Azran Osman-Rani was not able to comment on the speculation of the deal, saying that he was not privy to any discussions.
AirAsia X is planning to launch an initial public offering later this year.