By Emmie V. Abadilla
The Romeros’ F&S Holdings, Inc. recently acquired an additional 15.6 percent stake in AirAsia Philippines from Antonio “Tonyboy” Cojuangco’s TNR Holdings, increasing its total stake from 44.5 percent to 60.1 per cent in the affiliate of the Malaysian low-cost carrier(LCC).
In the middle of this year, F&S Holdings of Deputy Speaker Michael L. Romero and wife Sheila B. Romero, bought out the shares of the LCC’s former Chairman Marianne B. Hontiveros and Zest-O Corp. Founder Alfredo M. Yao, hiking its stake from 15.7% to 44.4%.
“This is a business for me and my wife,” the Deputy Speaker told reporters yesterday during the launch of the airlines’ RedPoint office in the country. “We are taking in P30 billion revenues this year, up 39 per cent from 2018 and in two years, we will have US$1 Billion.”
“We’re in this business for the long-haul,” confirmed his wife, Air Asia Philippines Vice Chairman Sheila B. Romero. “We have a commitment to Filipinos. We like to give them low fares.”
Their ambition is also to displace the number one LCC in the country. “We want to go from a strong number two to the number one LCC,” she announced.
AirAsia Philippines also plans to add more international and local destinations as well as increase the frequency of its flights.