Islamic Development Bank and Cresent Venture buy into AirAsia

Two Middle East investment houses have bought stakes in AirAsia, the fast growing Malaysia-based low cost carrier.

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By  Neil Denslow Published  June 30, 2003

Two Middle East investment houses have bought stakes in AirAsia, the fast growing Malaysia-based low cost carrier.

Tune Air, the owners of AirAsia, agreed to sell 26% of the carrier to three parties for a combined US $26 million. 10% was bought by Bahrain's Islamic Development Bank Infrastructure Fund, and Saudi Arabia-based Crescent Venture Partners took 9%. The remaining 7% share was bought by German-based Deucalion Capital II Limited.

“As far as the (finance) ministry is concerned, the investment in AirAsia is the biggest for the (local) transport industry so far,”said Malaysia’s second finance minister Jamaludin Jarjis at the signing ceremony.

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