Aboitiz, AirAsia deny reports of majority acquisition deal

By Ma. Cristina Arayata

July 3, 2023, 4:56 pm

<p>AirAsia plane <em>(Photo courtesy of Clark International Airport)</em></p>

AirAsia plane (Photo courtesy of Clark International Airport)

MANILA – The Aboitiz Group on Monday denied a newspaper report that it had acquired a majority stake in AirAsia Philippines.

An article published by the Philippine Star on July 3 stated that the Aboitiz Group bought a 60-percent stake in the low-cost airline last month.

"At this time, we are actively verifying the sources that led to the publication of this article and have requested that the article be taken down," the group said.

The article, which only specified "multiple sources" and "an industry source" as sources of information, is still up as of 2:18 p.m.

"We want to assure our stakeholders and the public that any significant developments regarding our company will be communicated and disclosed first by us through official channels," the group statement read.

Sought for comment, AirAsia Philippines said there is no truth to the report.

"It has come to our attention that a leading news organization published an article today stating AirAsia Philippines is now majority owned by the Aboitiz Group. We hope to clarify that this statement is not true and accurate," the airline said.

In 2019, F&S Holdings, Inc. became the major shareholder of AirAsia Philippines, after owners Michael Romero and wife Shiela acquired the shares of Maan Hontiveros and Fred Yao.

Last month, it was reported that the couple sold their 60-percent stake to AA Com Travel Philippines Inc.

Malaysian founders Tony Fernandes and Datuk Karmarudin Menarum still have a 40-percent stake in AirAsia Philippines. (PNA)