KUALA LUMPUR: AirAsia Group is strengthening its presence in the Philippines in a strategic alliance with Philippines budget carrier Zest Airways.
Under the corporate exercise announced on Monday, Philippines AirAsia Inc. (PAA) is acquiring a 49% stake in Zest Airways and 100% of Asiawide Airways from Alfredo Yao. Yao is the majority shareholder of Zest Airways, Inc. and Asiawide Airways, Inc.
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