Malaysia's AirAsia, Asia's biggest budget carrier, said on Friday it plans to list its Thai unit by the third quarter of 2011 in order to raise funds and buy new aircraft.
"We need to expand our Thai operation," AirAsia chairman Aziz Bakar said. "The funds will be used for capital expenditure and to buy aircraft."
"Sure we need to buy new aircraft. At the moment we will buy the A320. It is a very efficient aircraft overall," he added.
Aziz said AirAsia had not determined the number of aircraft it will purchase as the airline is in the midst of determining what new routes it will serve.
AirAsia own 49 percent of Thai AirAsia with a market value of about 550 million dollars, he said, adding that investment banks will be picked by the end of October for the listing.