Cebu Air Inc., the operator of Cebu Pacific, raised its investment in a leading Philippine ground handling services provider, acquiring an additional
20-percent stake.
The subscription of additional shares arose from the agreement of the 1AV stockholders to convert certain shareholder loans and advances into equity/common stock. “The debt-to-equity conversion arises from certain loans and advances extended by the stockholders to 1AV in the total amount P150,000,000. All parties agreed to convert the same into equity, with CEB’s debt portion at P113 million,” Cebu Pacific said.
“As a majority owner, CEB can integrate 1AV’s services more seamlessly with its operations, creating synergies that could reduce operational costs and improve service quality, particularly in groundhandling and logistical support,” the airline said.
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