AirAsia Philippines (Manila Ninoy Aquino International) has signed a strategic partnership agreement with Zest Air (Manila Ninoy Aquino International) majority shareholder Alfredo Yao as part of which the Filipino low-cost carrier will acquire a 49% stake in Zest Air. Philippines AirAsia will also acquire 100% of Asiawide Airways, a company controlled by Yao that owns some of Zest Air's A320-200s. Alfredo Yao will in return acquire a minority stake in PAA if the transactions will receive all regulatory approvals. The two parties have been in talks since last summer already according to various news reports. Philippines AirAsia currently has two A320-200s based at Clark. Zest operates one A319-100, 10 A320-200s and three Yunshuji Y-7 turboprops from bases at Cebu, Kalibo and Manila.