Philippines' AirAsia in strategic alliance with Zest Airways
Posted by Neelam Mathews March 11, 2013 Philippines' AirAsia, enters into a Strategic Alliance Agreement with Ambassador Alfredo Yao, the majority shareholder of Zest Airways, Inc. and Asiawide Airways, Inc. (collectively, the “Zest Air Group”). In the Alliance Agreement between PAA and Ambassador Alfredo Yao, PAA intends to invest in the Zest Air Group by acquiring 49% of common stock of Zest Airways and 100% of Asiawide Airways, and, in turn, Amb. Yao will subscribe to shares in PAA. The Agreement contemplates various regulatory approvals to be obtained prior to completion of the transaction. To further strengthen this partnership, the shareholders of PAA will infuse funds to augment working capital, says a press statement. The investment of PAA in Zest Air also aligns with AirAsia Group’s business strategy. The AirAsia Group consists of existing operations in Malaysia, Thailand, Indonesia, Japan, the Philippines and, with India to come, altogether making AirAsia t...