Posted on: 31 March 2011 by Ross McSweeny
Japanese start-up low-fare airline company, A&F Aviation, has finalised an investment of 10 million yen from Innovation Network Corporation of Japan (INCJ) which will give INCJ a 33.3% stake in the new airline.
A director from INCJ will sit on the board of A&F Aviation as an external board member to support A&F Aviation across its business. A&F Aviation expects to raise about 15 billion yen additionally within the fiscal year ending in March 2012, by which the company hopes to officially launch the airline. INCJ also has an option to make an additional investment.
As of 31 March 2011, ANA, First Eastern, and INCJ hold 33.4%, 33.3%, and 33.3% of the company’s shares respectively.
“This financial and operational support from INCJ is an important step toward the launch of A&F Aviation,” said Shinichi Inoue, the company’s CEO. “We aim to become a cultural bridge between Japan and the rest of Asia, triggering an economic growth in Japan and across Asia.”