F&S unloads AirAsia stake to boost core businesses

ROMERO-led F&S Holdings Inc. sold its shares in AirAsia Philippines in a bid to boost its core businesses in power and ports.

“We are excited at the opportunity to consolidate our business enterprises, and realign them to focus more on our core businesses in power and ports,” F&S Holdings Chairman Shiela B. Romero was quoted in a statement as saying.

Romero said in the statement released last Monday the company’s 60-percent share were sold to AA Com Travel Philippines Inc., making it the sole local owner and majority shareholder of the airline. The remaining 40 percent is owned by Capital A Bhd Founders Tony Fernandez and Datuk Karmarudin Menarum.

F&S Holdings is owned by 1-Pacman party-list Rep. Michael L. Romero and his wife, Sheila.

In the same announcement, CapitalOne Energy Corp. will be the holding company to integrate the Romero group’s power generation companies Alterpower Digos Solar Inc. (ADSI) and Fort Pilar Energy Inc.

These include investments in the renewable energy Sector through ADSI, a 40-megawatt (MW) solar power plant operating in Digos, Davao del Sur, and Fort Pilar Energy, which operates a total of 100-MW battery-energy storage-system power plants in the Zamboanga Del Sur,” CapitalOne Energy Chairman Joseph Omar A. Castillo said.

The group, likewise, includes the Belgrove Power Corp., which owns the 650MW Malaya Thermal Power Plant, a must-run unit (MRU) of the Department of Energy, Castillo, a lawyer, added.

Castillo said that CapitalOne Energy is currently expanding its solar power portfolio with the development of new sites in Cagayan, Nueva Ecija, Batangas, Marinduque and Palawan. He said these new sites will have a combined capacity of 180MW.

“We wish nothing but the best to our former partner in AirAsia Philippines, as well as to AA Com Travel Philippines. May they continue to fly high and reach new heights,” Romero said. “To CapitalOne Energy Corp., may our future endeavors help power up the economy, and energize more communities in the Philippines.

She said they will “continue to invest aggressively on our family’s core businesses in Globalport terminals, which now operates ten ports in the country and [runs] power businesses.”