Music Room, Malacañang
9 September 2013
President Benigno S. Aquino III received officers from AirAsia Philippines and Zest Airways led by AirAsia Group Chief Executive Officer Tan Sri Tony Fernandes in a courtesy call at Malacañan Palace.
AirAsia Philippines Inc. has recently expressed its interest to increase its stake in Zest Airways Inc. after successfully buying 49 percent last March. However, further stake acquisition will require the Congress’ approval since ZestAir has Congressional franchise, and under the agreement any change in the ownership structure will need Congressional approval.
With the recent strategic alliance of the two carriers, Clark-based AirAsia Inc. is expected to have a better leverage in expanding its market through its partnership with the NAIA-based ZestAir Philippines.
Rebranding of the merged carriers is expecting a re-launch in September or October this year.
Transportation and Communications Secretary Joseph Emilio Abaya, Civil Aviation Authority of the Philippines (CAAP) Director General Lt Gen William Hotchkiss, CAAP Capt Beda Badiola, AirAsia Inc. Antonio Cojuangco, AirAsia Inc. President and CEO Marianne Hontiveros, Zest Airways Inc. Chairman Michael Romero, Zest Airways Inc. Director Josephine Joy Cañeba, Civil Aeronautics Board Executive Director Carmela Arcilla and Manila International Airport Authority General Manager Jose Angel Honrado were present during the call.
* * *