Cebu Pacific not keen on taking in a foreign investor

Budget carrier Cebu Pacific has no plan of taking in any foreign investor despite rival Philippine Airlines’ (PAL) investment deal with Japan’s largest carrier.

The Gokongwei-led carrier does not intend to engage any strategic investors as the airline aims to stay independent, Cebu Pacific president and CEO Lance Gokongwei said Thursday.

“There’s no intention, we have always been an independent airline for the last 22 years,” Gokongwei said during a press conference welcoming the airline’s first A321 neo aircraft in Makati City.

“We certainly have the balance sheet and the management will continue taking an independent path,” he added.

On the other hand, Gokongwei noted the positive side of the ANA-PAL deal.

“I think, it’s good for the industry that ANA is investing in PAL,” he said.

ANA Holdings Inc., parent of All Nippon Airways, is investing $95 million to acquire 9.5 percent of PAL Holdings Inc.’s outstanding shares. PAL Holdings is the parent of PAL.

ANA Holdings will acquire the shares from Trustmark Holdings Corporation, which is owned by the Lucio Tan family and is the largest shareholder of PAL Holdings.

Cebu Pacific and its subsidiary CebGo operates 36 domestic and 26 international flights with over 107 routes across Asia, Australia, Middle East, and US. —VDS, GMA News