AirAsia buys into Philippine competitor
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.
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.
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...
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.
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.
The Philippine subsidiary of AirAsia, with the buy of 49 per cent of Zest Airways and 100 per cent of its parent holding Asiawide Airlines is going to help AirAsia grow even further. AirAsia is becoming a big competitor for airways in the ASEAN region, it will be interesting to see how other airlines in the region will perform in the market.