Romeros
eyecontrol
of AlrAsia
By Miguel R. Camus
EpiggelrcamuslNQ
The family of businessman and
Rep. Michael "Mikee" Romero is
in talks to buy out the remaining
Filipino co-founder of AirAsia
Philippines, cementing its con-
tr,ol over the budget airline, the
Inquirer learned.
The discussions come as
AirAsia Philippines, which is part
of the AirAsia Group of Malaysia,
undergoes a major recapitaliza-
tion effort ahead of a planned
$zoo-million initial public offer-
ing.
A source with direct knowl-
edge of the matter said Romero-
controlled F&S Holdings was ne-
gotiating with businessman An-
tonio "Tonyboy" Cojuangco's
TNR Holdings, which owns about
percent of AirAsia Philippines'
15
operator, AirAsia Inc.
A successful deal will increase
F&S Holdings' almost 45-percent
stake to about 6o percent. The re-
Family in tatks to acquire
maining 40 percent of AirAsia
i
Inc, is held by AirAsia GrouP CEO
Tony Fernandes and the comP
ny's executive chair, Kamarudin , ,' in zor3 after his airline, Zest Air,
Meranun
The source saidrthe Pafiies'.
were in talks over Pricing and that
an agreement could be sealed
within September. Officials from
F&S and TNR could not be [mme-
diately reached for comment.
Cojuangco and Romero are
in AirAsia PhiliP-
co-founders
pines, which was established as a
joint venture with thE AirAsia
Group almost a decade ago.
The talks are the latest in the
i
family's bid to gain a controlling
sthke in the airline, which com-
petes with bigger domestic PIaY"
ers Philippine Airlines (PAL) and
i
Cebu Pacific Air for local and re-
I
gional market share.
The Romero familY last June
bought out the shares of another
1
\\Rq4€-Btq
MowulY / SumEunnt 2, 2oL9
.WWW:INQUIRER.NET
1596 stake held by Coluarngso
On the MalaYsian side, Feir-
nandes s[ePPed down in favor of
AirAsia chief financial officer
co-founder, V[arianne Hon- Pattra , Boosarawongse, the/
I
tiveros, and Zest-O owner Alfre-
source said.
i
dq.Ypo. Yao entered the company
The Romeros' move to con-
l
solidate their"holdings is unfold-
was acquired by AirAsia.
Romero,,who holds the repu-
ing as AirAsia PhiliPPinet i:
poised for a financial turnaroun!
tation as the richest member of
this year. Its second quarter 2019
the House of Representatives .utttitgt showed that the budget
with a zorS net wsrth of more,, reported a net income of
'airline
than P7.8 billion, has businesses
P593 million-a gain of 77V Per-
in logistics and power. He also cent. Revenues jumPed 38 Per-
owns the professional NorthPort
cent to PZ.S billion as it ramPed
Batang PiEr basketball team.
There were also changes in
up- flight oPerations.
the board composition of AirAsia
At the same time, AirAsia
Philippines is'uqdergoing an Pr8-
Inc. to reflect the Romero fami-
ly's increased holdings, a source
bi[i;; recaPitalization involving
the issuanCerqf common and Pre-
said, citing a meeting last Aug.
ferred shares.
2b.
The company earlier set ag-
Hontiveros, who was compa-
gressive growth targets moving
ny chair, retired and was're-
iorward. Romero iaid the airline
placed by Romero lawyer Jomar
was targeting to grow its fleet of
.
Castillo. Another fami[y lawyer,
z3 Airbus A3zos to 50 aircraft in
Ronald Policarpio, was named di-
the next few Years. Revenue for
rector while Romero's spouse,
zorg is forecast at P3o billion,
Sheila,.was named vice chair. .higher by hatf fhan zor8, and
coutd reach PUo billion in three
vears. he said.' ttrtQ