AirAsia (AK, Kuala Lumpur International) is hoping to establish a South Korean subsidiary, AirAsia Korea (Seoul Incheon), with documentation about to be submitted to the Ministry of Land, Infrastructure and Transport (MOLIT). It is uncertain as to whom AirAsia intends to partner in South Korea given that the country's legislation caps foreign ownership of local airlines at 49%. BusinessKorea says the Malaysian LCC attempted to acquire South Korean LCC, t'way Air (TW, Daegu), last year only to be thwarted by aforementioned legislation and objections from local South Korean airlines.