PAA acquires 49% of Zest

Victoria
By Victoria May 14, 2013 10:51

PAA acquires 49% of Zest

Philippines’ AirAsia (PAA) yesterday said that it has acquired 49% of Zest Airways, to start a “strategic alliance”. In a statement, Philippines’ AirAsia CEO Marianne Hontiveros said that the “strategic alliance” between the two LCCs would “complement the strategies for future growth of PAA (Philippines’ AirAsia). PAA entered into a strategic alliance agreement with Ambassador Alfredo Yao, the majority shareholder of Zest Airways Inc. And Asiawide Airways Incorporated.
Hontiveros said that the investment in the Zest Group will allow Philippines’ AirAsia to “leverage on our respective strengths, which in the case of Zest Air, include its operations out of the Ninoy Aquino International Airport.” Zest Air will get a 15 percent stake in Philippines’ Air Asia under the deal.

Victoria
By Victoria May 14, 2013 10:51
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