• Kyodo News

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All Nippon Airways Co. said Tuesday it has agreed with a Hong Kong-based investment firm to invest in a company to launch a no-frills carrier based at Kansai International Airport near Osaka.

Under the agreement with First Eastern Investment Group, a joint venture called A&F Aviation Co. will soon be established to make the necessary preparations, such as applying for a certificate to operate a new carrier, ANA said.

The company will initially be capitalized at ¥30.05 million, with ANA investing ¥10.05 million, First Eastern Aviation Holdings Ltd. ¥10 million and other parties ¥10 million, ANA said.

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