TOKYO: ANA Holdings Inc is still seeking opportunities to invest in Asian airlines to expand its network and spread the risk of declining traffic from economic downturns, natural disasters and other unforeseen events, according to its incoming president.
ANA last year scrapped a plan to buy a 49% stake in Myanmar carrier Asian Wings Airways (AWA), citing intensifying competition in the Southeast Asian country.
But vice president Shinya Katanozaka, who will be promoted to the president post today, said ANA "continues to look for other partners as it aims to speed up expansion plans, particularly before rival Japan Airlines Co is allowed to resume new investments in April 2017, after limitations set by the government as part of its taxpayer-funded bailout expire.
"We haven't stopped approaching Asian airlines," he told Reuters in an interview on Monday.
"It's important to have a wide-reaching network to be able to overcome any hurdles," Katanozaka said, noting that ANA was also considering flights to Russia, the Middle East and Africa to that end.
"I'm taking over a company that's in very good shape. I want to make sure we don't lose momentum," he said.
ANA has also expressed interest in participating in a rescue package for bankrupt Japanese budget carrier Skymark Airlines, which has yet to finalise its selection for an operational sponsor for its rehabilitation. That decision had initially been expected in February.
Katanozaka said ANA's participation in Skymark would have to involve a stake in the carrier — a potential sticking point with Tokyo-based fund Integral Corp, which has signed a nine billion yen ($75 million) sponsorship deal with Skymark to keep the business going while it seeks co-sponsors for its turnaround.
Integral chief Nobuo Sayama has said Skymark does not need capital participation from any other sponsor.
"We're just waiting to be selected," Katanozaka said, declining to comment on the discussions with Integral and Skymark.