Aboitiz, AirAsia deny reported acquisition deal

Advisory

The Aboitiz Group and AirAsia Philippines issued separate statements on Monday dismissing a news report that the conglomerate had taken over the low-cost carrier.

In a statement sent to the stock exchange, Aboitiz Equity Ventures Inc. denied a news article by The Philippine STAR, which reported that the conglomerate had taken control of AA Com Travel Philippines Inc., a company that holds a 60% stake in AirAsia Philippines.

AirAsia Philippines echoed Aboitiz’s denial in a separate statement sent to journalists.

“We would like to clarify and state that this information is not true and accurate. 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,” Aboitiz said.

AirAsia Philippines' statement added that as a Capital A company, it is "fostering strong relationships with the Aboitiz Group and the Mactan-Cebu International Airport."

"We remain committed to engaging in fruitful discussions with various stakeholders who share our vision of democratizing air travel in Asean," the company said in its release.

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