AirAsia PH prepares for IPO takeoff
The Philippine unit of Malaysian low-cost airline AirAsia looks ready to further spread its wings with plans to launch its initial public offering in the second half.
“We are looking forward to an exciting year leading to an IPO for our Philippine operations by the second half of 2018,” AirAsia said in a statement.
AirAsia reported that its Philippine unit swang to profitability last year with earnings hitting P621.2 million. This compares to a net loss of P3.05 billion in 2016.
“We are extremely proud of the turnaround by our Philippines operations which has proven that perseverance truly works,” AirAsia said.
AirAsia PH earlier said it was looking ro raise more than $250 million from an IPO to fund the acquisition of new aircraft, the construction of a hangar and new headquarters in Clark.
It operates a fleet of 17 aircraft with domestic and international flights out of hubs in Manila, Cebu and Kalibo.
The budget carrier plans to add international flights from Clark International Airport to Korea, Hong Kong, Macau and Singapore this year.
Malaysia’s Air Asia, through AA International, owns 40 percent of Philippines’ Air Asia Inc., while Filipinos comprising Alfredo Yao, Antonio Cojuangco, Marriane Hontiveros, and Michael Romero hold the remaining 60 percent.