KUALA LUMPUR: AIRASIA BHD [] has scrapped the proposed joint venture with Vietjet Aviation Joint Stock Company after some of the conditions were still not fulfilled despite the joint venture agreements were signed in February 2010.
The low-cost carrier said on Tuesday, Oct 11 some of the conditions under the JV agreements remained outstanding include regulatory approval for Vietjet to employ the AirAsia brand across its commercial operations.
'As those conditions are fundamental for the successful conduct of the business model for the intended JV, the company has decided to allow the JV to lapse with immediate effect,' it said.
AirAsia said there was no legal and financial''impact to the expiry of the JV agreements.
The low-cost carrier said on Tuesday, Oct 11 some of the conditions under the JV agreements remained outstanding include regulatory approval for Vietjet to employ the AirAsia brand across its commercial operations.
'As those conditions are fundamental for the successful conduct of the business model for the intended JV, the company has decided to allow the JV to lapse with immediate effect,' it said.
AirAsia said there was no legal and financial''impact to the expiry of the JV agreements.
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