Thai Airways is the national flag carrier and largest airline of Thailand. Formed in 1988, the airline's headquarters are located in Chatuchak District, Bangkok, and operates out of Suvarnabhumi Airport. Thai is a founding member of the Star Alliance. Thai is a major shareholder which hold 39% shares of Nok Air - a low-cost Bangkok-based carrier. In August 2010, Thai announced to own 51% of a joint venture for a low-cost airline based in Thailand, with Tiger Airways owning the remaining 49%.