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AirAsia Philippines to undergo corporate restructuring
AirAsia Philippines has bared its corporate restructuring plans, with the Romero Group’s F&S Holdings Inc. to emerge as the single largest shareholder of the low-cost carrier.
F&S chairman Shiela Romero on Monday said the acquisition of an additional 28.8 percent of shares in AirAsia Inc. raised the company’s stake in AirAsia to 44.5 percent from 15.7 percent.
“We are now taking on the role of the majority shareholder of AirAsia Inc., the corporation which owns and manages Philippine AirAsia,” she told reporters in a press conference in Makati City, noting that the restructuring will be finalized in September.
F&S Holdings is owned by Michael Romero, representative of the One Patriotic Coalition of Marginalized Nationals (1-PACMAN), and chaired by his wife Sheila.
Pressed for details of the transaction, Mr. Romero said the shares were bought from Ambassador Fred Yao and AirAsia chairperson Maan Hontiveros, but declined to give the transaction price.
Based on records AirAsia uploaded on its website, the ownership of Philippines AirAsia is as follows prior to the recent deal with F&S Holdings:
- 39.9%—Malaysia AirAsia International Ltd.
- 15.7%—Antonio “Tonyboy” Cojuangco
- 15.7%—Marianne Hontiveros
- 15.7%—Romero group
- 13%—Alfredo Yao.
With their additional shares, the Romeros will own 44.5 percent of AirAsia Philippines.
No changes have so far been revealed regarding shareholdings of Malaysia AirAsia in the airline, held by Malaysian billionaire and Air Asia Berhad founders Tony Fernandes and Kamarudin Menardum, as well as Cojuangco’s equity in the AirAsia Philippines.
“We bought it at par. We’ll disclose to the public exactly. Inaayos pa namin ‘yung valuation. There are two things: one is the existing shares, and then the increase in capitalization,” Michael Romero said.
The recapitalization will entail $17 million worth of common shares, and P17 billion worth of preferred shares, he said. —VDS, GMA News
