Ayala Land says AirSWIFT entices ‘several buyers’
LISTED Ayala Land, Inc. (ALI) said it hopes to complete the sale of its boutique airline AirSWIFT within the year and is considering offers from several buyers, not just Cebu Pacific.
“We hope so, but we’re still in discussions. Maybe around this time next month, there’ll be something more definitive,” ALI Chief Finance Officer Augusto D. Bengzon told reporters on Wednesday, in response to whether the company plans to complete the sale within the year.
ALI Head of Leasing and Hospitality Mariana Zobel de Ayala said the property developer is also in talks with other airlines for the planned sale of AirSWIFT, aside from the Gokongwei-led Cebu Pacific.
“When we started this process, our objective really was what would be the best customer experience. So we thought it would be best to cast a wide net. That’s how we started the process. Right now, we are progressing with our talks with Cebu Pacific,” she said.
“It is not exclusive in the sense that we are entertaining several (buyers). But I guess what came out in the news is our discussions with the Gokongwei group,” she added.
In a statement, Cebu Pacific said it “is always on the lookout for opportunities to grow and expand its network, including partnership with other parties.”
Ms. Zobel said the planned sale of Air-SWIFT will allow ALI to focus on its core competency of land development.
“The terms are not confirmed yet. But I think the principle really is that our core competency is in developing land and land-related products,” she said.
“We hope to continue focusing on that and ensure that we can deliver the right experience by partnering with a group whose focus is in aviation,” she added.
Meanwhile, Mr. Bengzon said that one of the requirements of the possible deal is to continue the existing flights to ALI properties such as the Lio tourism estate in El Nido, Palawan.
“For our Lio estate, we still own the airport there. Whoever ends up purchasing AirSWIFT will need to service our resorts in Palawan. It’s one of the requirements,” he said.
AirSWIFT is a boutique airline that offers daily round-trip flights from Manila, Cebu, Caticlan, Clark, Panglao, Coron, and Tagbilaran to El Nido. The airline operates five aircraft consisting of ATR 42-600 and 72-600.
On Thursday, ALI shares fell by 0.67% or 20 centavos to end at P29.80 apiece. — Revin Mikhael D. Ochave