Thai AirAsia (FD, Bangkok Don Mueang) is to help give birth to a Thai subsidiary of the AirAsia X (D7, Kuala Lumpur International) brand following news that Thai AirAsia CEO, Tassapon Bijleveld, recently diluted his stake in Asia Aviation Plc (AAV) (which owns 51% of Thai AirAsia) from 33% to 28.05% to raise USD50million (THB1.5billion) for three new projects needed to support TAA's growth plan. The projects include two budget hotels in Bangkok, the settling of personal debts, and an investment in a sister airline of long-haul discount carrier AirAsia X (AAX) in Thailand, tentatively known as "AirAsia X Thailand". At this stage, it is claimed that AirAsiaX has sought Thai authorities' endorsement for an air operator's certificate to operate regular flights from Bangkok Don Mueang to South Korea and Japan with plans to use two A330-300s. The airline's formation, however, is still subject to Thai government approval.