Taiwanese carrier TransAsia Airways is planning to spend $200 million on new jets and set up a subsidiary in Japan to expand operations in Northeast Asia, business.asiaone.com website has reported.
The airline's board of directors has approved a plan to buy nine jets from European aircraft maker ATR, open a Japanese unit and buy a new building in Taipei, it said in a statement, without disclosing financial details.
The Commercial Times said the airline is expected to invest around $200 million in the plan. The company also aims to raise $30 million by selling up to 50 million new shares in a placement, the report said. A spokeswoman for the company said the additional funding would probably come from its own coffers and bank loans.
TransAsia has been expanding since getting a revenue boost from its new China routes in recent years. It operates services to Japan, Singapore, South Korea and Vietnam.
It was reported in January that the Taipei-based airline is considering an order for more than two Airbus A380s to facilitate its international expansion to the US over the next few years.
Article Source : ATW Daily News
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