The president of Cebu Pacific Air (5J, Manila Ninoy Aquino International) says talks to acquire AirSWIFT (T6, Manila Ninoy Aquino International) continue. President and CCO Alexander Lao told the Philippine Star newspaper this week that the parties were still "in conversation" and that there was no fixed timeline to close the deal.
The current owner, Ayala Land Inc., "said they want to get rid of the entire stake," he said. "What they said is AirSWIFT is not a core asset for them.”
As reported in ch-aviation, Cebu Pacific began talks in July to buy AirSWIFT. Ayala Corporation's property arm, Ayala Land, owns the small regional airline, which operates domestic scheduled and non-scheduled air services. Much of AirSWIFT's business is generated by ferrying passengers to and from resorts operated by affiliated company El Nido Resorts.
In August, Ayala Land's Mariana Zobel de Ayala told local news outlets that the company was in talks with several potential buyers but that Cebu was shaping up as the likely purchaser. The talks are "not exclusive in the sense that we are entertaining several," she said. "Right now, we are progressing with our talks with Cebu Pacific."
AirSWIFT operates two ATR42-600s and three ATR72-600s, and ch-aviation schedules data shows the carrier has flights to Angeles City Clark International, Busuanga, El Nido, Caticlan, Cebu, Manila Ninoy Aquino International, Tablas, and Panglao. Ayala says it wants to sell its airline because it is outside its primary business of property development.
