Romeros unload stake in AirAsia Philippines to focus on power, ports business

The Romero-led F&S Holdings, Inc. sold its shares in AirAsia Philippines to focus in other sectors such as power and ports.

The firm, owned by 1-PACMAN party-list Representative Michael "Mikee" Romero and wife Sheila, sold its shares to AA Com Travel Philippines, Inc., making it the sole local owner and majority shareholder of the airline.

"We are excited at the opportunity to consolidate our business enterprises, and realign them to focus more on  our core businesses in power and ports,” Sheila Romero, who serves as chairman of F&S Holdings, Inc., said in a company statement.

“Needless to say, we did not want to undertake this while the pandemic was ongoing, and nearly every business – particularly air travel – was severely hampered. That would not embody the kind of relationship we had with our partners,” she added.

Romero also wished nothing but the best for AirAsia Philippines, saying that they want to see it "fly high and reach new heights."

Meanwhile, the CapitalOne Energy Corp. will be the holding company to integrate the Romero group’s power generation companies.

These will include investments in the Renewable Energy Sector through ADSI, a 40MW Solar Power Plant operating in Digos, Davao del Sur, and Fort Pilar Energy, which operates a total of 100MW Battery Energy Storage System Power (BESS) Plants in Zamboanga del Sur.

CapitalOne Energy is currently expanding its solar power portfolio with the development of new sites in the provinces of Cagayan, Nueva Ecija, Batangas, Marinduque and Palawan.

Romero expressed hope that the endeavors with CapitalOne Energy Corp. would "help power up the economy, and energize more communities in the Philippines." —Anna Felicia Bajo/KG, GMA Integrated News