King Power?s chairman, billionaire Vichai Srivaddhanaprabha, and his family announced on Monday that they had bought a combined 39.82 percent stake in Asia Aviation for 7.95 billion baht. (Reuters)

Thailand’s King Power Group, the nation’s largest duty free retailer, said it plans to spend 12 billion baht ($340 million) on buying the remaining 60 percent of Asia Aviation Pcl.

King Power’s chairman, billionaire Vichai Srivaddhanaprabha, and his family announced on Monday that they had bought a combined 39.82 percent stake in Asia Aviation for 7.95 billion baht.

Asia Aviation is a major shareholder in Thai Air Asia.