The Chief Executive Officer (CEO) of Thai AirAsia (FD, Bangkok Don Mueang), Tassapon Bijleveld, has reacquired a total of 1,761,588,286 shares, equivalent to a 36.32% stake in Asia Aviation PCL (AAV), the Thai firm which controls 55% of the budget carrier.

A Bangkok stock exchange disclosure issued on December 28 said Tassapon had acquired the stake from King Power Group chairman Vichai Srivaddhanaprabha and his family for THB4.70 baht (USD0.14) per share or THB8.28 billion (USD246.6 million) in total. Srivaddhanaprabha had acquired the shareholding just 18 months ago.

With the transaction, Tassapon has increased his shareholding in AAV from 5% to 41.3%. As such, according to Thai Securities and Exchange Commission rules, he will now tender for the remaining 58.7% shares in the company on January 8, 2018, offering THB4.70 per share.

The CEO said in a statement the transaction will allow him to better realise his vision and direction for the LCC.

“I assure all that the management team, who has been running the airline from the very first day, will continue to play a critical role in driving Thai AirAsia forward, along with the staff that has always been so dedicated to helping the airline in becoming Thailand’s number one airline which is reflected in our leading market share," he said.

"Thai AirAsia will continue to invest in 2018 as planned, which will include amongst other things, the acquisition of seven aircraft. We estimate the number of passengers in 2018 to be around 22 million and we can achieve this by penetrating new markets in ASEAN, India and the People's Republic of China," Tassapon added.

Financing for the transaction came via Bangkok Bank Plc.

Thai AirAsia is a 55/45 joint-venture between Asia Aviation PCL and AirAsia Group which also controls Malaysia's AirAsia. The Bangkok-based LCC currently operates fifty A320 and five A320neo on scheduled passenger flights throughout Thailand as well as to India, China, Malaysia, the Maldives, Myanmar, Hong Kong, Vietnam, Indonesia, Laos, Macau, and Singapore.