First Eastern backs Japanese low-cost airline with ANA
First Eastern Investment Group, the leading private equity firm based in Hong Kong and headed by Victor Chu, will take a 33.3% stake in Japan’s first-ever budget airline company alongside All Nippon Airways (ANA), which will hold 39%.
First Eastern, known hitherto largely for investments in China, was understood to be injecting about 30% of the JNY10-50 billion ($119-$596 million) in the venture. The remainder will be taken up by Japanese investors whose identities have not yet been announced.
Earlier today, the investors signed an MOU to establish the airline, operating both international and domestic short-haul routes out of Kansai International Airport, Osaka. Chu, the founder of First Eastern, said, “ we are confident that our unique regional expertise and networks will contribute significantly to the success of our new joint venture with ANA.” Though the company will have ANA as an influential major shareholder, it will be operated independently from the airline.
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