Thai AirAsia Co Ltd chief executive officer (CEO) Tassapon Bijleveld has bought back 36.3 percent of the shares in Asia Aviation PCL for 8.279 billion Baht (RM1.03 billion) from King Power Group chairman Vichai Srivaddhanaprabha and his family.

Asia Aviation owned 55 percent interest in Thai AirAsia and following the transaction, Tassapon's stake in the company grew to 41.3 percent from five percent previously.

In a note, the Centre for Aviation (Capa) said Srivaddhanaprabha and his family bought their stake in the company for 7.9 billion Baht last year.

Tassapon was reported as saying that the acquisition would allow him to better realise the airline's vision and direction.

“Thai AirAsia will continue to invest in 2018 as planned, which will include the acquisition of seven aircraft. We estimate the number of passengers in 2018 to be around 22 million and we can achieve this by penetrating new markets in Asean, India and China,” he added.

In his official twitter account, AirAsia Bhd Group CEO Tony Fernandes said: ”Big day for AirAsia as we move towards Asean and one company. @tassapon takes back ownership of AirAsia Thailand. One Airasia coming with Indonesia and the Philippines.”

Fernandes said AirAsia was currently working with Palantir Technologies on a development that would increase sales dramatically and transforming the budget airline into a digital company.

- Bernama