Philippines’ Air Asia (PAA) has bought 49% of Zest Air as part of a share-swap agreement. Zest Air majority owner businessman Alfredo Yao will own 15% of PAA. “We’re keeping both brand names. They will operate independent of one another,” PAA CEO Marianne Hontiveros said of the practical impact of the alliance. At present, PAA is 40-percent owned by the Air Asia Group, the leading and largest budget airline in the region.

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