AIRASIA Inc., the operator of budget carrier AirAsia Philippines, is currently undergoing a corporate restructuring program with founding shareholders divesting their stocks in the budget carrier to a new holding company.
Marianne Hontiveros and Alfredo Yao divested their 15.7-percent share and 13-percent share in the airline, and sold it to F&S Holdings Inc., a company led by lawmaker and existing AirAsia shareholder Michael Romero.
The valuation for the shares sold and acquired will be determined soon. The transaction is expected to be closed by September.
After the closing of the transaction, F&S will hold the lion’s share of AirAsia Philippines at 44.4 percent. The balance of 39.9-percent and 15.7-percent shareholding will remain with Malaysia AirAsia International Ltd. and TNR Holdings of Filipino businessman Antonio Cojuangco. There will be no immediate change in the AirAsia Philippines board.
In line with the recent corporate restructuring, AirAsia Philippines plans to jump-start its initial public offering (IPO) within the year.
“We plan to put a valuation of about $600 million for the company,” Romero said. “We float at least 20 percent.”
This exercise will help the company raise roughly P10 billion, which will be used to acquire new planes and for general working capital.
“We now have 23 airplanes, and we plan to have 50 airplanes within the next three years. We also want our revenues to grow from P30 billion this year to P50 billion within three years,” Romero said.
The company also plans to issue common shares worth $17 million and preferred shares of about P17 billion.
AirAsia Philippines aims to net roughly P2 billion in profits this year.