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Cebu Pacific Air is eyeing the purchase of AirSWIFT but said “nothing definitive has been agreed upon”
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In a regulatory disclosure, Cebu Pacific mother company Cebu Air, Inc. confirmed exploratory talks with Ayala Land for the possible acquisition of its boutique airline subsidiary
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Cebu Pacific said it will make the proper disclosure “should any opportunity move from a proposal to a firm business undertaking”
Cebu Pacific Air is eyeing the purchase of AirSWIFT but said “nothing definitive has been agreed upon.”
In a regulatory disclosure on July 22, Cebu Pacific mother company Cebu Air, Inc. confirmed exploratory talks with Ayala Land for the possible acquisition of its boutique airline subsidiary.
Cebu Pacific said it will make the proper disclosure “should any opportunity move from a proposal to a firm business undertaking.”
The news was reported in a local general newspaper.
“Cebu Pacific is always on the lookout for opportunities to grow and expand its network, including partnership with other parties,” the disclosure said.
The airline said it will make the proper disclosure “should any opportunity move from a proposal to a firm business undertaking.”
It added: “We also endeavor that whatever business proposals we carefully evaluate, we never let it become a distraction to our core business.”
The talks for acquisition come as Cebu Pacific recently approved a restructuring plan that would clear the airline’s P16.27-billion deficit. The restructuring will make space for the company’s massive P1.4 trillion ($24 billion) purchase of new aircraft.
AirSWIFT was founded in 2002 as Island Transvoyager and was acquired by Ayala in 2012. In October 2015, Island Transvoyager rebranded as AirSWIFT.
AirSWIFT offers domestic flights in the Philippines including Bohol, Boracay, Cebu, Clark, Coron, El Nido, Manila, Romblon, and Sicogon. The airline claims to be the only boutique commercial carrier in the Philippines that is ISO-9001:2015 certified.
