Romero buys Cojuangco’s 15.6% stake in Air Asia PH

F&S Holdings Inc. of the Romero family acquired the entire 15.6-percent stake of businessman Tony Boy Cojuangco in Air Asia Inc., raising its total shares  in the Philippine unit of Southeast Asia’s largest budget carrier to 60 percent. 

“We have successfully acquired 15.6 percent of the last remaining shares of [TNR Holdings]. We bought TNR Holdings which is owned by Tony Boy Cojuangco,” Deputy Speaker Mikee Romero, whose family owns F&S Holdings, told reporters after the company’s unveiling of its new headquarters at the Ninoy Aquino International Airport Terminal 3. 

After the transaction, the shares of F&S Holdings in AAI will increase to 60 percent from 44.4 percent. 

The company earlier acquired the 13-percent and 15.7-percent holdings of AAI from Ambassador Alfredo Yao and Marianne Hontiveros, respectively. 

AirAsia Bread founders Tony Fernandes and Kamarudin Menardum control the remaining 40 percent.

Sheila Romero, chairman of F&S Holdings and vice chairman of AAI, said they were optimistic about the company’s prospects in the next few years. 

“We will be hitting P29 billion in revenues this year and P2 billion ub net income this year,” Sheila Romero said. 

AAI earlier reported a net profit of P593 million in the second quarter, up from P68 million a year ago as revenues climbed 38 percent to P7.51 billion from P5.46 billion. 

AAI chairman Joseph Omar Castillo said the company was deferring its planned initial public offering to next year or 2021 from an earlier announcement of fourth quarter this year. 

“There’s a number of things on the corporate side to prepare for this company to do an IPO but based on our timeline, we are looking at the third quarter of next year to first quarter of 2022,” Castillo said. 

The company plans to raise $200 million.  AAI tapped Citibank and BDO Capital and Investment Corp. as financial advisors. 

The company plans to expand its fleet from 23 to 50 aircraft with the next three years. 

The airline operates several flights to and from Manila, Davao, Cebu, Kalibo, Caticlan (Boracay), Tacloban, Tagbilaran (Bohol), Puerto Princesa (Palawan), Clark and Iloilo in the Philippines.

It operates international flights to and from Shanghai, Taipei, Incheon (Seoul), Hong Kong, Macau, Kuala Lumpur, Kota Kinabalu, Guangzhou, Vietnam, Shenzhen, Kaohshing, Bali, Shenzhen, Indonesia, Singapore and Japan.

Topics: F&S Holdings Inc. , Air Asia Inc. , Tony Boy Cojuangco , Mikee Romero
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