PETALING JAYA: Philippines' AirAsia Inc (PAA) has forged a share-swap deal with Filipino businessman Alfredo Yao, a major shareholder of Zest Airways Inc and Asiawide Airways Inc, to tap each other's domestic and international network strength.
In the strategic alliance agreement, PAA intends to invest in the Zest Air Group by acquiring a 49% stake in Zest Airways and 100% of Asiawide Airways, and, in turn, Yao will subscribe to shares in PAA. The deal is still subject to various regulatory approvals. To further strengthen this partnership, the shareholders of PAA will infuse funds to augment working capital.
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