Malaysia’s Capital A Berhad, having acquired full ownership of AirAsia Philippines, on Monday bared pushing through with the sale of airline shares in a planned initial public offering (IPO).
The Malaysian multi-national airline group said it has achieved 100 percent ownership of AirAsia Philippines and will raise capital funds through an IPO in the near term to fund its expansion program.
The Romero family led by Michael and Shiela Romero earlier announced the sale of their 60 percent equity stake in AirAsia to AA Com Travel Philippines Inc. Capital A, formerly AirAsia Group Berhad, owns the remaining 40 percent. AA Com Travel is owned by Capital A.
Air Asia’s Tan Sri Anthony Francis Fernandes previously pledged to invest $1 billion for the expansion of air operations in the Philippines.
The company plans to grow its fleet of aircraft from 23 to 50 including wide-body jets.
AirAsia Philippines earlier reported passenger traffic rising 35 percent to 1.64 million in the third quarter this year, higher than only 1.21 million passengers in the same period last year.
The airline ferried some 354,000 international passengers during the period, 368 percent higher than a year earlier.
It reported a load factor of 92 percent, up 4 percentage points from 89 percent last year.
AirAsia Philippines operates daily flights from Manila to Bacolod, Cebu, Cagayan, Davao, Iloilo, Kalibo, Caticlan (Boracay), Puerto Princesa, Tacloban, Tagbilaran and Zamboanga. Other inter island destinations out of its Cebu hub include Cagayan, Davao, Caticlan, Puerto Princesa and Clark.
Its active international destinations include Kuala Lumpur, Kota Kinabalu, Bangkok, Singapore, Taipei, Osaka, Incheon, Hong Kong, Tokyo and Bali.
