AirAsia buys into Philippine competitor

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The Philippine subsidiary of AirAsia, the region’s largest low-cost airline, has signed a deal to buy 49 per cent of Manila-based Zest Airways and 100 per cent of its parent holding Asiawide Airlines, according to a regulator filing submitted on March 11.

The deal is designed as a a share-swap with Filipino businessman Alfredo Yao, a major shareholder of Zest Airways and Asiawide Airways.

The arrangement will allow Philippines AirAsia to leverage on ZestAir’s operations out of the Ninoy Aquino International Airport in Manila, which handles the majority of air traffic in the Philippines, and tap into a strong domestic network which feeds into its current international routes.

Zest Airways currently flies to 14 domestic and 10 international destinations from its hubs in Manila, Kalibo and Cebu.
AirAsia Group has said it sees enormous growth potential in the Philippines, especially with a population of over 100 million people across an archipelago of over 7,000 islands, a landscape conducive for air transportation.

Philippines AirAsia, which started operations in 2012 and currently flies from Kuala Lumpur and Kota Kinabalu to Clark and from there to Kalibo and Davao, is a joint venture between AirAsia Investments Ltd. and Filipino investors Antonio O. Cojuangco, Michael L. Romero and Marianne Hontiveros.

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Reading Time: 1 minute

The Philippine subsidiary of AirAsia, the region’s largest low-cost airline, has signed a deal to buy 49 per cent of Manila-based Zest Airways and 100 per cent of its parent holding Asiawide Airlines, according to a regulator filing submitted on March 11.

Reading Time: 1 minute

The Philippine subsidiary of AirAsia, the region’s largest low-cost airline, has signed a deal to buy 49 per cent of Manila-based Zest Airways and 100 per cent of its parent holding Asiawide Airlines, according to a regulator filing submitted on March 11.

The deal is designed as a a share-swap with Filipino businessman Alfredo Yao, a major shareholder of Zest Airways and Asiawide Airways.

The arrangement will allow Philippines AirAsia to leverage on ZestAir’s operations out of the Ninoy Aquino International Airport in Manila, which handles the majority of air traffic in the Philippines, and tap into a strong domestic network which feeds into its current international routes.

Zest Airways currently flies to 14 domestic and 10 international destinations from its hubs in Manila, Kalibo and Cebu.
AirAsia Group has said it sees enormous growth potential in the Philippines, especially with a population of over 100 million people across an archipelago of over 7,000 islands, a landscape conducive for air transportation.

Philippines AirAsia, which started operations in 2012 and currently flies from Kuala Lumpur and Kota Kinabalu to Clark and from there to Kalibo and Davao, is a joint venture between AirAsia Investments Ltd. and Filipino investors Antonio O. Cojuangco, Michael L. Romero and Marianne Hontiveros.

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