King Power takes stake in Thai low-cost airline

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The operator hopes to profit from the fast-growing market for budget travel in Asia

King Power International Group has taken a 5% stake in Sky Asia Company, the new Thai low-cost airline carrier that will operate under the name Nok Air. Chairman and ceo Vichai Raksriaksorn announced the news and said King Power was the only private company invited to take part.

The other shareholders are Thai Airways (39%), Crown Property Investment Fund (11%) and Government Bank and Pension Fund (30%), who are collectively representing the Ministry of Finance. The chairman of the newly formed Sky Asia Company will be appointed by the Thai Airways board of directors, and is expected to be Thai Airways chairman Dr. Thanong Pithiya.

The airline begins services in June 2004, initially operating domestically with international routes to follow thereafter.