Malaysia,Philippines : BANGKOK: SEC approval for the acquisition plan of AIRASIA for ZEST AIRWAYS.
AirAsia is to proceed with its strategy for the acquisition of Zest Airways Inc., with the receipt of green signal from the Securities and Exchange Commission (SEC) of the Philippines.
With SEC nods, the next process will involve submission of requests to get approvals from the Civil Aeronautics Board (CAB) and the Civil Aviation Authority of the Philippines (CAAP).
Interacting with media, the President & Chief Executive of AirAsia Zest Joy Caneba stated, "We have gotten an approval from SEC and we will now apply with the CAB and CAAP."
The AirAsia Zest boss has further revealed before the reporters, who were flown in from Manila, that the AirAsia Group has planned a consolidation strategy to merge its Philippine operations and carry out a brand makeover exercise to turn AirAsia Zest, which is owned by former Ambassador Alfredo Yao, into AirAsia Philippines.
Caneba added, "The local government in most of the provinces that we are operating recognized the value of AirAsia in the Philippines and they've been very supportive of us."
The AirAsia Group Chief Executive Tony Fernandes has stated that the company will operate in the Philippines under one brand name.
Fernandes added, "It would be AirAsia Philippines. It's going to be one brand."
The Senate Committee on Public Services in last December offered its approval for the sale of Zest Airways to AirAsia Philippines, while the clearance from the House Committee on Franchise arrived in February 2014.
Clearance from the Congress is a must to make any alteration in the ownership of the airline as part of the Republic Act No. 9183.
Alfredo Yao will get a stake of 15% in AirAsia Philippines plus cash subsequent to the completion of the transaction. According to plans, a 45% interest will be equally shared between Marianne Hontiveros, Michael Romero and Antonio Cojuangco, the part owners of AirAsia Philippines and the rest 40% of AirAsia Philippines is held by the Malaysian AirAsia Group owns 40 percent of AirAsia Philippines.
The joint fleet of AirAsia Zest and AirAsia Philippines comprise 15 aircraft, which are operated to serve domestic destinations like Kalibo (Boracay), Puerto Princesa (Palawan), Tagbilaran (Bohol), Cebu and Tacloban and global destinations including China and Korea.
2015 Al Bawaba (Albawaba.com) Provided by SyndiGate Media Inc. ( Syndigate.info ).