Jet Asia Airways (Bangkok Suvarnabhumi) could sell a 49% equity stake to a pair of Hong Kong-listed investors which may, in turn, inject capital and equipment into the Thai carrier.
Under the terms of a non-binding Memorandum of Understanding (MOU) signed this week, Sino Haijing Holdings Ltd will inject USD37.46 million into its joint venture with JAA Capital (JAAC) which plans to acquire six B767s, seven Pratt & Whitney JT9D-7R4D and four Rolls-Royce RB2100524H-T36 aircraft engines. The JV's equity will itself be split 51/49.
JAAC already has the right to acquire a 49% stake in Jet Asia Airways.
Sino Haijing Holdings Group says that the project, should it proceed, will allow it to diversify its revenue streams which at present focus on the manufacturing and sale of packaging products, and a ticket agency business among other interests.
"The Proposed Formation of the Joint Venture will enable (i) the development of the Group’s aviation business in Asia region; (ii) the creation of synergies with the ticketing agency business of the Group; and (iii) the enhancement of the competitiveness of the Group in the aviation industry in Asia, in particular the South East Asia region, which the Board considers would be beneficial to and in the interests of the Company and the Shareholders as a whole," it said.
For its part, Jet Asia Airways has an aged fleet of one B767-200, three B767-200(ER)s, and one B767-300(ER) which it uses to operate scheduled passenger charter flights throughout Asia - China in particular.
