4 June 2019
Michael Romero has raised its stake at Air Asia Philippines to 44.4% from the previous 15.7% to become the dominant stockholder of the airline after F&S Holdings Inc. bought 15.7-percent share of AAI Chairman Marianne Hontiveros, and 13-percent share of Alfredo Yao for a combined 28.7 percent additional stake at parent Air Asia Inc. (AAI), operator of low-cost carrier Air Asia Philippines.
AAI parent Malaysia AirAsia International Ltd.’s share will stand at 39.9 percent stake and TNR Holdings of Tony Boy Cojuanco at 15.7 percent share, respectively. The amount of sale was not disclosed.
After the buyout, F&S Holdings intends to increase capitalization of Air Asia Philippines as it plans to issue $17 million worth of common shares and P17 billion worth of preferred shares.
Its corporate restructuring is set to be completed by September as it targets to go public within the year and raise $200 million to support its aircraft acquisition and use the proceeds as working capital. There will be no immediate change in the AirAsia Philippines board.
“We plan to put a valuation of about $600 million for the company,” Romero said. “We float at least 20 percent.”
This exercise will help the company raise roughly P10 billion, which will be used to acquire new planes and for general working capital.
Romero expressed bullishness on Philippines Air Asia’s capacity to return to profitability after posting a strong financial performance in the first three months of the year.
“Our first-quarter has hit a record-high of about…P6.68 billion and profit about P450 million…” Michael said.
The company eyes boosting Philippines AirAsia’s fleet to 50 A320 airplanes from the current 23 within the next three years.
“We now have 23 airplanes, and we plan to have 50 airplanes within the next three years. We also want our revenues to grow from P30 billion this year to P50 billion within three years,” Romero said.
The airline is also looking to raise the number of its passengers to 8 million this year from last year’s 7 million by growing its international routes to China and Japan.
AAI parent Malaysia AirAsia International Ltd.’s share will stand at 39.9 percent stake and TNR Holdings of Tony Boy Cojuanco at 15.7 percent share, respectively. The amount of sale was not disclosed.
After the buyout, F&S Holdings intends to increase capitalization of Air Asia Philippines as it plans to issue $17 million worth of common shares and P17 billion worth of preferred shares.
Its corporate restructuring is set to be completed by September as it targets to go public within the year and raise $200 million to support its aircraft acquisition and use the proceeds as working capital. There will be no immediate change in the AirAsia Philippines board.
“We plan to put a valuation of about $600 million for the company,” Romero said. “We float at least 20 percent.”
This exercise will help the company raise roughly P10 billion, which will be used to acquire new planes and for general working capital.
Romero expressed bullishness on Philippines Air Asia’s capacity to return to profitability after posting a strong financial performance in the first three months of the year.
“Our first-quarter has hit a record-high of about…P6.68 billion and profit about P450 million…” Michael said.
The company eyes boosting Philippines AirAsia’s fleet to 50 A320 airplanes from the current 23 within the next three years.
“We now have 23 airplanes, and we plan to have 50 airplanes within the next three years. We also want our revenues to grow from P30 billion this year to P50 billion within three years,” Romero said.
The airline is also looking to raise the number of its passengers to 8 million this year from last year’s 7 million by growing its international routes to China and Japan.
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