Aboitiz, AirAsia deny report of buyout

LISTED company Aboitiz Equity Ventures (AEV) on Monday, July 3, 2023, denied that it had bought a majority stake in the low-cost carrier AirAsia Philippines and emphasized that any such developments would be properly disclosed through official channels.

“We would like to clarify and state that this information is not true and accurate. At this time, we are actively verifying the sources that led to the publication of this article and have requested that the article be taken down,” AEV said in a statement.

According to a report by The Philippine Star on Monday, the Aboitiz Group was said to control AA Com Travel Philippines Inc., the firm that allegedly acquired a 60 percent stake in AirAsia Philippines in June, based on multiple sources.

The report also mentioned that an industry source claimed the Aboitiz Group made the buyout in support of its proposal to rehabilitate and upgrade the airports in Albay and Bohol.

In a separate statement, AirAsia Philippines denied the report.

“It has come to our attention that a leading news organization published an article today stating AirAsia Philippines is now majority owned by the Aboitiz Group. We hope to clarify that this statement is not true and accurate,” the AirAsia said.

However, the Malaysia-headquartered firm acknowledged that Capital A companies, including AirAsia, are “fostering strong relationships with the Aboitiz Group and the Mactan-Cebu International Airport.”

“We remain committed to engaging in fruitful discussions with various stakeholders who share our vision of democratizing air travel in the Association of Southeast Nations,” the airline said.

Capital A Berhad of Malaysia is formerly AirAsia Group.