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THE owner of Zest-O and RC-Cola has acquired domestic passenger
airline Asian Spirit, according to a person familiar with the
matter.
The source said Alfredo M. Yao has signed the
purchase agreement with Asian Spirit last week, translating to his
full ownership of the airline. He also owns thrift bank Philippine
Business Bank and sits as director of Export and Industry Bank.
The acquisition of Asian Spirit would be Yao’s
second venture into the transportation and aviation industry. In
November, Yao confirmed his acquisition of a majority stake in
chartered airline operator Southeast Asian Airlines (SEAIR) as the
carrier beefs up its capital to fuel its expansion.
SEAIR plans to expand both its domestic and
Asian routes. It is looking at regional destinations such as Korea,
Singapore, Macau and Bangkok. The plan involves leasing two
brand-new 180-seater Airbus 320 aircraft from Singapore-based budget
carrier Tiger Airways.
-- Katrina Mennen A. Valdez
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