Romero group buys out Tony Boy Cojuangco, takes control of AirAsia Philippines

The family of businessman and House Deputy Speaker Rep. Michael Romero has taken majority control of Philippines AirAsia, after buying out the Filipino co-founder of the budget carrier’s local operator.

The Romero-led F&S Holdings Inc. is now the single largest shareholder of Philippines AirAsia with a 60% equity stake.

The remaining 40% is held by Malaysia-based AirAsia Group Berhad.

“We have successfully acquired 15.6% of the last remaining shares of local partners,” Romero said in a press conference in Pasay City on Wednesday

“We have acquired TNR Holdings for my family’s stake in AirAsia to be 60%. We bought TNR Holdings which is owned by Tony Boy Cojuangco,” he said.

Further details of the acquisition are covered by a non-disclosure agreement.

Early in June, F&S Holdings acquired the 28.7% shareholdings of former Philippines AirAsia chairman Marianne Hontiveros and Zest-O Corp. founder Alfredo Yao and hiked its position in the budget carrier to 44.4%.

The budget carrier was brought to the Philippines through a joint venture between Filipino investors Romero and Cojuangco and Malaysia’s AirAsia Group in 2011.

In 2013, Yao’s Zest Airways was integrated with AirAsia Philippines in a share swap deal.

Asked why his family increased its stake to the budget carrier, Romero said, “This is business for me and my wife we can pass on to the next generation.”

It was F&S Holdings that approached Cojuangco to buy his shares in AirAsia Philippines, Romero noted.

As of the second quarter of 2019, AirAsia Philippines posted P593 million in net income and P7.5 billion in revenue. —VDS, GMA News