Romero eyes Cojuangco stake, majority control of AirAsia Philippines

MANILA, Philippines — Rep. Michael “Mikee” Romero hopes to conclude in the next two weeks a deal that will allow him to acquire the 15 percent  stake of Antonio “Tonyboy” Cojuangco in AirAsia Philippines.

“Hopefully, we can consolidate (our ownership) in the next two weeks,” Romero told The Star on the sidelines of an event organized by the Shareholders’ Association of the Philippines Inc. (SharePHIL).

Romero said once the deal is completed, AirAsia could focus on its restructuring and prepare for its planned $200 million initial public offering, which could happen early next year.

“We still need to do the restructuring so the IPO will be next year, possibly in the second quarter,” he said.

If talks with Cojuangco succeed, AirAsia Philippines will be majority owned by Romero and his wife Sheila through F&S Holdings. The other shareholders are Malaysian owners led by AirAsia Group founder Tony Fernandes.

At present, Romero’s F&S Holdings has roughly 45 percent stake in the company.

 The remaining 40 percent is held by Fernandes and his business partner Datuk Kamarudin Meranun.

Asked why he wants to take majority control of the company, Romero said: “AirAsia has a great business model. As a businessman, I see a bright future especially when our foreign tourism goes up.”

The budget carrier is also in the middle of a reorganization as Romero and his wife recently increased their stake in the company.

AirAsia announced recently the appointment of Joseph Omar Castillo as the company’s new chairman of the board, replacing former chairman Marianne Hontiveros, who sold her 15.7 percent stake in Air Asia Inc. to Romero’s group last June.

Castillo, who joined the company’s board earlier this year, previously headed the transport and business process outsourcing practices for Puyat, Jacinto, and Santos Law firm. He has over a decade of experience in the fields of infrastructure, labor relations, contract support, immigration and corporate matters.

Last June, F&S Holdings acquired  a 28.7 percent stake in in the company, effectively raising its total stake to 44.4 percent from just 15.7 percent.

The AirAsia Group is the leading and largest low-cost carrier in Asia, servicing the most extensive network of over 135 destinations across all ASEAN countries, Asia, India, Australia, China, Middle East and Hawaii in US.

In the Philippines, the budget carrier has a current fleet of 23 from only two aircraft in 2012 when the airline began its commercial operation in Clark, Pampanga. It recently won the World’s Best Low-Cost Airlines Award for 2019 from London-based Skytrax, marking its 11th consecutive year to win the award.

Romero is among the country’s youngest and most accomplished businessmen. He represents 1Pacman Party-list Group at the House of Representatives where he is also Deputy Speaker.