Romero couple sells 60% stake in AirAsia Philippines

By Alena Mae S. Flores

F&S HOLDINGS Inc., owned by businessman and 1-PACMAN Party-list Rep. Mikee Romero and his wife Sheila, sold its majority 60-percent stake in AirAsia Philippines to Asian aviation company AA Com Travel Philippines Inc. to focus on 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,” said Sheila Romero, chairman of F&S Holdings. She did not provide additional details on the transaction, including cost and terms, because of confidentiality agreement.

“Needless to say, we did not want to undertake this while the pandemic was ongoing, and nearly every business― particularly air travel―was severely hampered. That would not embody the kind of relationship we had with our partners,” she said.

AA Com Travel acquired the shares of F&S Holdings for an undisclosed amount, making it the sole local owner and majority shareholderof the country’s third-largest airline.

INNOVATION CENTER.

The University of Santo Tomas holds the solemn blessing and inauguration of the UST-Tony Tan Caktiong Innovation Center at its 40-hectare campus in Santa Rosa City, Laguna. The rites coincided with UST’s 412th foundation anniversary on April 28, 2023. The innovation center is named after its donor Dr. Tony Tan Caktiong (right), chairman and founder of Jollibee Foods Corp. Tan Caktiong graduated from UST in 1975 with a Bachelor of Science in Chemical Engineering. He also received a Doctorate in Business Administration, honoris causa, from UST in 2018. With Tan Caktion are (from left) JP Morgan executive director Miranda Chan, Jollibee Group Foundation president Grace Tan Caktiong, Prior Provincial of the Dominican Province of the Philippines Very Rev. Fr. Filemon dela Cruz Jr. and UST Rector Very Rev. Richard Ang.

Capital A Bhd founders Tony Fernandez and Datuk Karmarudin Menarum control the remaining 40 percent of AirAsia Philippines.

“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,” Shiela Romero said.

The budget airline earlier saw passenger volume increase 382 percent to 4.21 million in 2022 from 875,927 passengers in 2021. Its load factor rose to 89 percent from 80 percent.

AirAsia Philippines operates daily flights from Manila to Bacolod, Cebu, Cagayan, Davao, Iloilo, Kalibo, Caticlan (Boracay), Puerto Princesa, Tacloban, Tagbilaran and Zamboanga. Other interisland destinations flying out of AirAsia’s Cebu hub include Cagayan, Davao, Caticlan, Puerto Princesa and Clark.

Its active international destinations include Kuala Lumpur, Kota Kinabalu, Bangkok, Singapore, Taipei, Osaka, Incheon, Hong Kong, Tokyo and Bali.

Meanwhile, CapitalOne Energy Corp. will be the holding company to integrate the Romero Group’s power generation companies.

These include investments in the renewable energy sector through Alterpower Digos Solar Inc., a 40-megawatt solar power plant operating in Digos, Davao del Sur and Fort Pilar Energy, which operates 100-MW battery energy storage system power plants in Zamboanga Del Sur, according to CapitalOne Energy chairman lawyer Joseph Omar Castillo.