MANILA – Gokongwei-led airline Cebu Pacific (CEB) announced Monday it has signed a share purchase agreement with ALI Capital Corp. to buy 100 percent stake in boutique airline AirSWIFT.
The acquisition worth PhP 1.75 billion was approved by ALI Capital Corp. and CEB’s Board of Directors.
“Cebu Pacific continues to undertake measures to boost connectivity to various Philippine destinations while offering low fares, thus contributing to economic growth and tourism development goals,” said CEB president Xander Lao in a statement.
AirSWIFT operates flights from Manila and Clark to El Nido in Palawan, and from El Nido to Cebu, Boracay, Coron and Bohol.
There will be no change in AirSWIFT’s flight schedules and service, according to CEB.
“We are excited to play our part in increasing accessibility to local destinations that have high potential and are world renowned for having some of the best beaches in the world,” Lao added.
ALI Capital president Alfonso Javier Reyes said the Ayala-led firm’s investment in AirSWIFT has been a key enabler in the growth of El Nido as a world-class tourist destination.
“We are hopeful that the expertise of Cebu Pacific will bring lower cost options and greater accessibility to El Nido,” Reyes said.
CEB currently flies to 35 domestic and 26 international destinations. (PNA)