AirAsia eyes for S'pore venture

Fri, 13 Feb 2004 | Source: AFP

SINGAPORE: Budget airline AirAsia boss Tony Fernandes announced plans on Thursday to set up a Singapore-based venture although he said government approval was likely at least six months away.

Fernandes said the venture would have an estimated start-up capital of S$120 million (US$72 million) and require at least one locally-based partner, without revealing who he was trying to entice into the business.

"We will be planning to start an airline in Singapore as soon as we receive approval from the CAAS (Civil Aviation Authority of Singapore)," Fernandes told reporters here.

CAAS spokesman Albert Tjoeng confirmed with AFP the application from AirAsia was received three weeks ago but declined to say how long it would take to process the carrier's request. -- AFP

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