AirAsia, China Everbright rope in Singapore firms for China low-cost carrier

PETALING JAYA: AirAsia Bhd and China Everbright Group have entered into a non-binding term sheet with Singapore Stock Exchange listed Plato Capital Ltd and Oxley Capital Ltd to start a low-cost carrier in China.
In a filing with Bursa Malaysia, the group said the term sheet contains supplementary information to the Memorandum of Understanding signed between it and Everbright and Henan Government Working Group in May this year, and is intended to confirm the parties interest in establishing the joint venture.
They have 12 months to discuss and negotiate definitive agreements, which will be subject to the approval of the audit committee and board of drectors of AirAsia.
The term sheet is non-legally binding, save for provisions in relation to confidentiality, publicity and exclusivity.