The Srivaddhanaprabha family has reportedly spent Bt3 billion buying shares in Asia Aviation, leading it to become the largest shareholder in the airline company with 23 per cent.

Vichai Srivaddhanaprabha, chairman and chief executive of King Power Group, hopes that the company’s expansion into the aviation industry will help it gain more business from air travel and increase sales at its duty-free shops.

The negotiation process took a month before the striking of an agreement was reported. However, Thai AirAsia, now says the two companies are still in negotiations.

Tassapon Bijleveld, chief executive of Thai AirAsia, yesterday insisted that no agreement had been reached despite the airline earlier reporting one to the Stock Exchange of Thailand.

The airline said it had an extensive network of destinations in Asean, with code sharing serving seven countries via 15 routes to 12 destinations.

Last year Thai AirAsia carried 14.8 million passengers. The airline expects to serve 16.9 million travellers in 2016 thanks to the acquisition of five new aircraft scheduled to arrive this year. The airline performed well in 2015 in line with higher global demand amid lower fuel prices.

King Power operates shops at the Srivaree Complex in Bangkok, in Pattaya, in Phuket, and at Suvarnabhumi, Don Mueang, Phuket, Chiang Mai and Hat Yai airports. The group owns new English Premier League champions Leicester City.

King Power said the Foxes’ fairytale triumph was something it envisaged when it bought the club six years ago.