MANILA, MARCH 11, 2013 – AirAsia, through its local office Philippines AirAsia (PAA) Incorporated, has acquired 49 per cent of Zest Airways, while the latter gets a 15 per cent stake in the Malaysia-based carrier.
PAA CEO Mariane Hontiveros refers to the move as a "strategic alliance" – leveraging on Zest Air’s slot at the Ninoy Aquino International Airport in Manila to boost AirAsia’s operations in Clark International Airport in Subic. She said, in a press conference, that the partnership aims to provide passengers with "the best value fare possible which enables them to fly to various destinations".
ZestAir has 11 aircrafts, operating on 10 domestic and 10 international routes. It has hubs in Manila, Aklan and Cebu – all major tourist destinations. AirAsia boasts of a 120-strong fleet, with 350 more to be delivered, and owns subsidiaries in Malaysia, Thailand, Indonesia, Japan, India and the Philippines.
Prior to the deal, Zest Air has entertained talks with other groups interested to push the airline’s competitiveness in the low-cost carrier sector.
