AEV denies buying majority stake in AirAsia Phils

• Aboitiz Equity Ventures denied it bought majority stakes in low-cost carrier AirAsia Philippines

• The Philippine Star in a July 3 article claimed the Aboitiz Group controls AA Com Travel Philippines Inc., which bought a 60% stake in AirAsia Philippines last month

• AEV said they are verifying the sources “that led to the publication of this article” and has requested it to be taken down

• According to Capital A’s 2022 annual report, AA Com Travel is a subsidiary under AirAsia Com Travel Sdn. Bhd.

• The group has a 96.19% equity interest in the tour and travel services company

Aboitiz Equity Ventures, Inc. (AEV) has denied buying majority stakes in low-cost carrier AirAsia Philippines.

“Earlier today, a major newspaper published an article stating that the Aboitiz Group has acquired a majority stake in the low cost carrier AirAsia Philippines. We would like to clarify and state that this information is not true and accurate,” AEV said in a statement on July 3. AEV is the portfolio management company of the Aboitiz Group.

“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.

“We want to assure our stakeholders and the public that any significant developments regarding our company will be communicated and disclosed first by us through official channels. We appreciate your patience as we work to clarify the matter,” AEV added.

In an article published on July 3, the Philippine Star said the Aboitiz Group, as claimed by multiple sources, controls AA Com Travel Philippines Inc., the firm that bought a 60% stake in AirAsia Philippines last month.

AirAsia Philippines is the country’s third biggest local airline.

The article said that according to an industry source, the Aboitiz Group made the buyout in support of its proposal to rehabilitate and upgrade the airports in Albay and Bohol. Another source claimed Aboitiz Group president and chief executive officer Sabin Aboitiz had talked to AirAsia CEO Tony Fernandes during the latter’s visit in the Philippines last month and vowed to infuse the capital needed by the airline to keep up with competitors.

Last month, F&S Holdings, Inc. sold its 60% stake in AirAsia Philippines to AA Com Travel Philippines.

The remaining 40% is owned by Capital A Berhad founders Anthony Francis Fernandes and Datuk Karmarudin Menarum. Capital A, formerly known as AirAsia Group, is an investment holding company with a portfolio of synergistic travel and lifestyle businesses. AirAsia is its aviation arm.

According to Capital A’s 2022 annual report, AA Com Travel is a subsidiary under AirAsia Com Travel Sdn. Bhd. with the group having 96.19% equity interest in the tour and travel services company.