On December 9, 2022, Capital A Berhad, the parent company of AirAsia, released that the company, through its wholly owned subsidiary, AirAsia Aviation Group Limited (AAAGL), , executed the following agreements (below) with the purpose of forging a joint venture with Sivilai Asia Co., Ltd (Sivilai Asia), a company incorporated in Phnom Penh, Cambodia, to establish a low-cost airline in the Kingdom of Cambodia based on the successful AirAsia business model.
A share subscription agreement for AAAGL to invest 51% and Sivilai Asia to invest the remaining 49% of the issued and paid-up capital of a Cambodian joint venture company to be incorporated under the name AirAsia (Cambodia) Co., Ltd' or a similar name approved by the relevant governmental authorities (AirAsia Cambodia); and A shareholder's agreement with Sivilai Asia to operate, if permitted by the relevant Governmental Authorities, low-cost passenger air transportation and ancillary services on domestic routes in Cambodia and on international routes. The agreement records rights and obligations of each party relating to the operation and management as well as their shareholding in AirAsia Cambodia.
