Scoot, Nok Airlines to establish low-cost carrier
NokScoot will have initial investment of 2b baht
SCOOT, Singapore Airlines' low-cost subsidiary, has signed a memorandum of understanding with Nok Airlines, a budget carrier owned by Thai Airways, to establish a new low-cost airline to be based in Bangkok.
The new airline will be named NokScoot, with an initial investment of two billion baht (S$78 million). Nok will have a 51 per cent stake, while Scoot will take a 49 per cent interest in the new airline, which is the Thai legal limit for foreign ownership.
The airline will be based at Don Mueang International Airport and operate widebody aircraft on medium and long-haul international routes.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Foxconn’s musical chairs sound like punk rock
AI fuels cloud computing boom for tech giants
AMD slides after AI chip forecast misses lofty estimates
IBM wins reversal of US$1.6 billion poaching award to BMC
Binance founder Zhao Changpeng gets 4 months in prison
Singapore Airlines could post highest-ever earnings of about S$2.7 billion for FY2024, says analyst