Print
11
Sep

AirAsia PH unit’s planned IPO postponed to 2018

Share

By Miguel R. Camus | Philippine Daily Inquirer

Budget carrier Philippines Air Asia’s plan to go public this year was pushed back to 2018.

This was revealed in a presentation to investors by operator Air Asia Berhad of Malaysia.

Philippines Air Asia was earlier planning to hold a $200- million initial public offering within the second half of 2017, Air Asia Group CEO Tony Fernandes said in June.

This was to partly fund its expansion and to launch new routes. AirAsia’s Philippine unit controls about 10 percent of the domestic market, which is still dominated by flag carrier Philippine Airlines and budget airline Cebu Pacific Air.

In its presentation to investors, Air Asia noted that Philippines Air Asia had continued to show “strong load factor and fares.” It said the carrier had added seven new routes and increased frequencies for certain destinations this year.

As such, it said the unit was “going ahead with listing plans in 2018 for further expansion to serve the strong travel demand.”

Philippines Air Asia is targeting revenue to hit P13 billion in 2017, up by about 20 percent from the P10.8 billion booked in 2016, its CEO Dexter Comendador said in a previous interview.

He said 2017 was poised to be the company’s “best year in our existence.” Philippines Air Asia started in 2012 and it has grown organically and via acquisitions.

It completed in 2015 an investment in and merger with Zest Airways, a move that gave it access to valuable slots in the Ninoy Aquino International Airport, the Philippines’s busiest air gateway.

Comendador said the domestic fleet would grow to 70 planes in 15 years, or by 2032. It had 15 Airbus A320s at the end of 2016.

He said the plan was also to increase its presence in Clark International Airport in Pampanga. After temporarily suspending its Clark service in 2013 to focus on Manila, Philippines Air Asia resumed flights from Clark to Kalibo on March 27, 2017.

The group is banking on its “One AirAsia” strategy, which will see all of its regional units consolidated under a single company, which will also be listed.

The group is planning to have a total of 500 planes by 2027.

CAB Hotline

Public Assistance 24/7

165-66

Secondary Numbers

NAIA Terminal1 0919-9128457 Laguindingan 0919-9128468
NAIA Terminal2 0919-9128458 Laoag Airport 0998-5864834
NAIA Terminal3 0919-9128451 Legaspi Airport 0919-9128461
NAIA Terminal4 0919-9128470 Mactan-Cebu Int'l. 0919-9128464
Clark Int'l .Airport 0919-9128471 Naga Airport 0919-9128462
Boracay Airport 0919-9128453 Ozamis Airport 0998-5864835
Bacolod Airport 0998-5864828 Pagadian Airport 0998-5864836
Basco Airport 0998-5864829 Puerto Princessa 0998-5864837
Busuanga Airport 0919-9128460 Roxas Airport 0998-5864838
Butuan Airport 0998-5864830 Siargao Airport 0919-9128456
Davao Int'l. Airport 0919-9128469 Surigao Airport 0998-5864839
Dipolog Airport 0998-5864832 Tacloban Airport 0998-5864840
Dumaguete Airprot 0998-5864833 Tagbiliran Airport 0919-9128465
General Santos 0919-9128467 Tugeugarao Airport 0998-5864841
Iloilo Int'l .Airport 0919-9128466 Virac Airport 0919-9128463
Kalibo Int'l. Airport 0919-9128454 Zamboanga Airport 0998-5864842

✆ 852-8967 (CAB Legal and Enforcement Division)

APBR@cab.gov.ph

Trunk Lines:
☎ (+632) 853-7259
☎ (+632) 854-5996