TransAsia Airways Corp (
The Chinese-language Economic Daily News said that TransAsia, eyeing the growing China market, plans to team up with China's Sichuan Airlines (
The joint venture would be capitalized at no less than 300 million yuan (US$40 million) and was scheduled to begin operations in the second quarter next year at the earliest, the report said.
TransAsia chairman Tony Fan (范志強) told the newspaper his company was expected to take a 25 percent stake in the joint venture with other Taiwanese investors including Goldsun Group (國產實業集團) and Taiwan Secom Co (中興保全) to hold an additional 24 percent. Sichuan Airlines would hold the remaining 51 percent stake.
The report said TransAsia would be the third local carrier to set up Chinese ventures following China Airlines Ltd (
TransAsia Airways is also negotiating with Busan, South Korea, city authorities and business enterprises to form Busan Airline, which is expected to be established within a year, the report said.
TransAsia was expected to use Busan as a springboard to enter the northern China market.
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