THAILAND. King Power International Group of Companies owner Vichai Srivaddhanaprabha (pictured) has bought a controlling stake in Thai AirAsia, a unit of budget carrier AirAsia, for THB7.9 billion baht (US$225 million).
King Power confirmed the purchase to The Moodie Davitt Report this morning.
Vichai’s family holding has bought an initial 39% stake from Tassapon Bijleveld, Chief Executive of Asia Aviation PCL, which owns 55% of Thai AirAsia. AirAsia holds the balance of 45%.
Vichai’s investment vehicle will proceed with a mandatory tender offer for the remaining shares in the company, in compliance with The Stock Exchange of Thailand rules.
Asia Aviation Public Company Limited was incorporated on 14 February 2006, investing solely in Thai AirAsia. In June 2007, a management team led by Tassapon Bijleveld bought out the company, leading it into an IPO in November 2011.
The acquisition provides a further diversification for Thai entrepreneur Vichai. A related investment vehicle to King Power also owns Leicester City Football Club, which shocked the sporting world by winning the English Premier League this season.
