Cebu Pacific (CEB) has signed a share purchase agreement (SPA) with ALI Capital Corp. to acquire 100% of AirSWIFT Transport Inc. for Php1.75 billion. This transaction has been approved by the Board of Directors of both CEB and ALI Capital Corp.
The transaction allows both organizations to focus on their respective core businesses, enhancing operational focus and efficiency and marking an exciting new chapter for both AirSWIFT and CEB.
Following the SPA, there will be no change in AirSWIFT’s flight schedules and service. A boutique airline that caters to the domestic leisure travel market, AirSWIFT operates flights from Manila and Clark to El Nido in northern Palawan, and from El Nido to other major tourist destinations in the country, including Cebu, Boracay, Coron and Bohol. Its parent company ALI Capital is a wholly owned subsidiary of Ayala Land, Inc., the Philippines’ largest property developer.
“Our investment in AirSWIFT has been a key enabler in the growth of El Nido as a world-class tourist destination. With this transaction, we are hopeful that the expertise of Cebu Pacific will bring lower cost options and greater accessibility to El Nido,” said ALI Capital President Alfonso Javier Reyes.
CEB is committed to leveraging its operational expertise to integrate AirSWIFT into its network and be able to offer more cost-effective options and enhanced accessibility for its growing customer base.
Once integrated, CEB will add El Nido to its routes, widening its network and connectivity for domestic and international travelers which will contribute to growth opportunities for local communities and businesses in key tourist destinations. CEB currently flies to 35 domestic and 26 international destinations.
“Cebu Pacific continues to undertake measures to boost connectivity to various Philippine destinations while offering low fares, thus contributing to economic growth and tourism development goals,” said Cebu Pacific President and Chief Commercial Officer Xander Lao.
“We are excited to play our part in increasing accessibility to local destinations that have high potential and are world renowned for having some of the best beaches in the world.”
