ILOILO – Low-cost carrier Philippines Airasia said it would launch a $250-million initial public offering in mid-2018.
“BDO is working on it. Middle of next year, we’ll get it,” AirAsia Philippines President and Chief Executive Officer Dexter Comendador said in a media briefing held at the Iloilo International Airport on Sunday. The IPO was originally scheduled to be launched this year but was deferred.
“Not long after, titirahin na ni Tony (Fernandes) yung Asean [Tony will work on the Asean listing],” Comendador added.
Fernandes, who heads the AirAsia Group, earlier announced that the airline will soon be publicly listed as an Asean group either on the Hong Kong or Singapore stock exchange.
Comendador said proceeds from the Philippine IPO will be used for plane and hangar acquisitions as well for launching new routes and facilities.
“We started at 13 (planes) and we will end the year at 17… Next year, there will be around 26–25 flying, one reserved,” Comendador said.
AirAsia Philippines targets to have 70 planes in 10 to 15 years’ time, according to Comendador.
He said AirAsia plans to mount flights to Incheon, Korea from Clark airport. He said that a Manila – Ho Chi Minh route will be opened in November this year, while trips to Bali and Jakarta are scheduled to be launched in the first quarter of next year.
“We will work on Japan,” Comendador said, adding that there will also be additional frequencies to existing routes during the holiday season.