Aboitiz Equity Ventures (AEV) has shot down a media report that it had acquired a majority stake in Philippines AirAsia (Z2, Manila Ninoy Aquino International). In a formal filing with the Philippine Stock Exchange (PSE) on July 3, AEV said the media report released on the same day was inaccurate and untrue.
The Philippine Star outlet reported that AEV had taken control of an entity called AA Com Travel Philippines, Inc (AA Com). That entity acquired a 60% stake in Philippines AirAsia in June after purchasing the share parcel owned by F&S Holdings, Inc. The minority 40% stake in the low-cost carrier belongs to Capital A founders Tony Fernandes and Karmarudin Menarum.
"Earlier today (July 3), a major newspaper published an article stating that the Aboitiz Group has acquired a majority stake in the low-cost carrier AirAsia Philippines. We would like to clarify and state that this information is not true or accurate," reads the PSE filing. Philippines AirAsia also issued a statement denying the report.
The news report, now taken offline at AEV's request, cited "multiple sources" and claimed AEV President and CEO Sabin Aboitiz had met with Fernandes, and that AEV would put in the necessary capital "to keep up with competitors." The report also said AEV's motivation to invest was to "rehabilitate and upgrade" Daranga Bicol and Panglao airports.
AEV is the portfolio management company of the Aboitiz Group, which, in addition to the publicly listed AEV, has interests in unlisted shipbuilding (via a joint venture with Japan-based shipbuilder Tsuneishi Group) and large-scale project management businesses. The Aboitiz family have held onto the company for five generations.
Philippines AirAsia was founded in 2015 as a joint venture between F&S Holdings and the Capital A founders. It now has twenty-five A320-200s (the ch-aviation fleets module shows 11 are inactive) in its fleet. It flies to 26 destinations in nine countries, including Thailand, China, Taiwan, Hong Kong, Macao, Malaysia, Japan, and South Korea.
