Question: Valuair was acquired in 2005 by a low-cost airline based where?

Passages:
Philippines AirAsia, Inc. (formerly Zest Airways, Inc. dba AirAsia Zest), is a low-cost airline based at Ninoy Aquino International Airport in Metro Manila in the Philippines.  The airline is the Philippine affiliate of AirAsia, a low-cost airline based in Malaysia.  The airline started as a joint venture between three Filipino investors and AirAsia Investments Ltd., a subsidiary of AirAsia Berhad. The following is a list of low-cost carriers organized by home country.  A low-cost carrier or low-cost airline (also known as a no-frills, discount or budget carrier or airline) is an airline that offers generally low fares in exchange for eliminating many traditional passenger services.  Regional airlines, which may compete with low-cost airlines on some routes, are listed at List of regional airlines. U-Land Airlines (Chinese: 瑞聯航空; pinyin: Ruìlián hángkōng) was a Taiwanese low-cost airline.  The company was the first low-cost airline company in Asia, which operates domestic and short range international routes.  Bankrupted in 2001, it was affiliated to U-Land Building Co., Ltd before it ceases, and is the first airline company bankrupted in Taiwan. Fly Me Europe AB, operating as FlyMe, was a low-cost airline based in Gothenburg, Sweden.  It operated flights from Gothenburg, Stockholm and Malmö to destinations within Europe.  Its main hub was Göteborg Landvetter Airport, with hubs at Malmö Airport and Stockholm-Arlanda Airport.  Beginning in April 2006, it widened its destination network and started daily services to European destinations.  Majority owner of the business was English Billionaire John Robert Porter and his Norwegian business partner Christen Ager-Hanssen.  They also had a majority interest in another airline Global Supply Systems a British all cargo carrier.  FlyMe acquired in late 2006 a 25% stake in Global Supply Systems holding company Riverdon ltd with the aim to create a low cost long haul product. Valuair (Chinese: 惠旅航空) was a Singapore-based low-cost carrier.  It was launched in 2004, offering initial services to Bangkok and Hong Kong.  It differentiates itself from other low-cost carriers in that it offers frills such as a baggage allowance of over 20 kg, in-flight food, allocated seats, and 32 inch seat pitch.  Acquired in 2005 by Jetstar Asia Airways, the Valuair brand was retained for Jetstar Asia's scheduled services to major cities in Indonesia until October 2014. Orange Star (Chinese: 橘星) is an airline holding company that was formed on July 24, 2005, when Jetstar Asia Airways and Valuair announced their merger in the light of growing competition from other low-cost carriers, price wars and rising fuel costs.  Jetstar Asia Chief Executive Officer (CEO) Chong Phit Lian became the CEO of Orange Star.  Jetstar Asia employs the Navitaire system, while Valuair uses a Sabre platform.  The new company will have a nine-member board, with Qantas CEO Geoff Dixon slated to be chairman. Jetstar Airways Pty Ltd, trading as Jetstar, is an Australian low-cost airline (self-described as "value based") headquartered in Melbourne.  It is a wholly owned subsidiary of Qantas, created in response to the threat posed by low-cost airline Virgin Blue.  Jetstar is part of Qantas' two brand strategy of having Qantas Airways for the premium full-service market and Jetstar for the low-cost market.  Jetstar carries 8.5% of all passengers travelling in and out of Australia. Jetstar Asia Airways Pte Ltd (operating as Jetstar Asia) is a low-cost airline based in Singapore.  It is one of the Asian offshoots of parent Jetstar Airways, the low-cost subsidiary airline of Australia's Qantas airline.  It operates services to regional destinations in Southeast Asia to countries such as Myanmar, Cambodia, Malaysia, Philippines, Thailand and Vietnam.  It also flies to regional routes in East Asia such as Japan, Taiwan and Hong Kong.  It is the main feeder airline for its parent company Jetstar Airways for budget passengers flying to Australia.  Its sister airlines include Jetstar in New Zealand, Jetstar Pacific and Jetstar Japan. PT Lion Mentari Airlines, operating as Lion Air, is an Indonesian low-cost airline.  Based in Jakarta, Indonesia, Lion Air is the country's largest privately run airline, the second largest low-cost airline in Southeast Asia after AirAsia and the second largest airline of Indonesia, flying to more than 79 destinations in Indonesia, Singapore, Malaysia and Saudi Arabia, as well as charter routes to China, Hong Kong and Macau. Flyglobespan was a UK low-cost airline based in Edinburgh, UK.  It operated scheduled services from five airports across the UK and Ireland to destinations in Europe, North America, North Africa and South Africa.  Its main bases were Glasgow International Airport, Edinburgh Airport and Aberdeen Airport.  The airline's slogan was "Award-winning airline".  It went into administration due to financial problems and the airline declared bankruptcy on 16 December 2009.

Supporting sentences:
Valuair (Chinese: 惠旅航空) was a Singapore-based low-cost carrier.  Acquired in 2005 by Jetstar Asia Airways, the Valuair brand was retained for Jetstar Asia's scheduled services to major cities in Indonesia until October 2014. Jetstar Asia Airways Pte Ltd (operating as Jetstar Asia) is a low-cost airline based in Singapore.