Branson's Virgin Group takes 20 percent of Malaysia's AirAsia

0 Comments | AFP, August, 2007

KUALA LUMPUR (AFP) — Richard Branson's Virgin Group is taking a 20 percent stake in Malaysia's AirAsia long-haul carrier, with the British billionaire vowing Friday to pilot the project into profitability.

"Sir Richard Branson of Virgin Group is our new strategic global investment partner," said Kalimullah Hassan of Fly Asian Xpress Sdn Bhd (FAX), the long haul operator of AirAsia X.

"We believe that this partnership whereby Virgin will take a 20 percent stake in AirAsia X will be a sound and successful investment," Kalimullah said.

Branson, founder of Virgin Group, attended the announcement in the administrative capital of Putrajaya south of Kuala Lumpur wearing a traditional Malay outfit and headgear.

"I am thrilled to be able to support them in...