Days after it signed a landmark deal with Airbus for the purchase of new airplanes, budget carrier Cebu Pacific (CEB) is poised to expand even further with its purchase of boutique airline AirSWIFT.
In a statement, CEB said it has bought the Ayala-led airline for P1.75 billion, saying that the share purchase agreement has been approved by the Board of Directors of both CEB and ALI Capital Corp.
The transaction allows both organizations to focus on their respective core business, enhancing operational focus and efficiency and marking an exciting new chapter for both AirSWIFT and CEB.
The boutique airline currently serves the domestic leisure travel market by operating flights from Manila and Clark to El Nido in northern Palawan, and from El Nido to other major tourist destinations in the country, including Cebu, Boracay, Coron and Bohol.
Its parent company, ALI Capital, is a wholly-owned subsidiary of Ayala Land, Inc., the largest property developer in the Philippines.
"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 Cebu Pacific President and Chief Commercial Officer Xander Lao.
CEB said there will be no change in AirSWIFT's flight schedules and service.
ALI Capital President Alfonso Javier Reyes said AirSWIFT has been a key enabler in the growth of El Nido as a world-class tourist destination, and they are hopeful that the expertise of Cebu Pacific will bring lower cost options and greater accessibility to El Nido.
Once integrated, CEB plans to include El Nido in its list of destinations, expanding its network and connectivity for both domestic and international travelers.
CEB already serves 35 domestic and 26 international destinations.
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