F&S Holdings Inc. of the Romero family acquired 15.6-percent stake of businessman Tony Boy Cojuangco in Air Asia Inc., raising its total shares in the Philippine unit of Southeast Asia’s largest budget carrier to 60 percent.
“We have successfully acquired 15.6 percent of the last remaining shares of [TNR Holdings]. We bought TNR Holdings which is owned by Tony Boy Cojuangco,” Deputy Speaker Mikee Romero, whose family owns F&S Holdings said.
After the transaction, the shares of F&S Holdings in AAI will increase to 60 percent from 44.4 percent.
The company earlier acquired the 13-percent and 15.7-percent holdings of AAI from Ambassador Alfredo Yao and Marianne Hontiveros, respectively.
AirAsia Bread founders Tony Fernandes and Kamarudin Menardum control the remaining 40 percent.
Sheila Romero, chairman of F&S Holdings and vice chairman of AAI, said they were optimistic about the company’s prospects in the next few years.
“We will be hitting P29 billion in revenues this year and P2 billion ub net income this year,” Sheila Romero said.
AAI earlier reported a net profit of P593 million in the second quarter, up from P68 million a year ago as revenues climbed 38 percent to P7.51 billion from P5.46 billion.