AirAsia Purchasing Full Control of Zest Air

The Civil Aeronautics Board has revealed that AirAsia Philippines is planning to acquire 100 percent of Zest Airways Incorporated. The airline recently filed an application for controlling interest in Zest Air, currently operating as AirAsia Zest.
air asia philippines
Copyright Photo: Angelo Agcamaran/PPSG
According to Wyrlou Samodio of the Civil Aeronautics Board, an application was submitted to the House Committee on Franchise for AirAsia to purchase the remaining shares of Zest Air held by Alfredo Yao. Last year, AirAsia Philippines acquired 49 percent of Zest Air in a deal that gave Yao $16 million and 13 percent of AirAsia Philippines.

Marianne Hontiveros, CEO of AirAsia Philippines confirmed the pending transaction but did not provide any further details. Forty percent of AirAsia Philippines is held by Malaysia-based AirAsia Berhad while the remaining sixty percent is held by Hontiveros, Michael Cojuangco, Antonio Romero, and Yao.

Meanwhile, AirAsia Zest will be receiving two new Airbus A320 aircraft by next month. The acquisition was confirmed by Alfredo Yao who is currently the President and Chief Executive Officer of the airline. "We will receive two A320's which should arrive by January or February," said Yao. "We will add new routes this year once the two new planes arrive."

AirAsia Zest and sister carrier AirAsia Philippines currently maintain a network of twenty domestic routes and a number of international services using its combined fleet of thirteen Airbus aircraft. Some of the international destinations include Incheon, Kuala Lumpur, Shanghai, Macau, Kota Kinabalu, and Miri, Malaysia. The airline is currently operating out of hubs in Kalibo, Manila, and Cebu.

AirAsia Zest plans to expand its international network to Japan in 2014 with new flights to Haneda, Narita, and Nagoya. In addition, the carrier plans to increase its presence in a number of domestic destinations including Kalibo, Puerto Princesa, Tagbilaran, Cagayan de Oro, and Davao.

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