F&S sells stake in AirAsia PHL

ROMERO-LED F&S Holdings, Inc. has sold its shares in AirAsia Philippines as it concentrates on its power and ports businesses, the company said on Monday.

In a press release, it said shares in the budget carrier owned by lawmaker Michael Odylon L. Romero and his wife Sheila B. Romero are to be bought by AA Com Travel Philippines, Inc.

“The sale makes it the sole local owner and majority shareholder of the country’s third-largest airline,” it said.

The remaining 40% is owned by Capital A Berhad founders Anthony Francis Fernandes and Datuk Karmarudin Menarum.

“We are excited at the opportunity to consolidate our business enterprises and realign them to focus more on our core businesses in power and ports,” said Ms. Romero, chairman of F&S Holdings.

“Needless to say, we did not want to undertake this while the pandemic was ongoing, and nearly every business — particularly air travel — was severely hampered. That would not embody the kind of relationship we had with our partners,” she added.

Meanwhile, CapitalOne Energy Corp. is set to be integrated into the Romero group’s power generation companies, which include investments in the renewable energy sector, which include Fort Pilar Energy, Inc. and Belgrove Power Corp.

CapitalOne is currently expanding its solar power portfolio with the development of new sites in Cagayan, Nueva Ecija, Batangas, Marinduque and Palawan, which will have a combined capacity of 180-megawatt-peak.

“We wish nothing but the best to our former partner in AirAsia Philippines, as well as to AA Com. May they continue to fly high and reach new heights,” said Ms. Romero.

She said the Romero group would continue to “invest aggressively” in the family’s core businesses in Globalport 900, Inc. terminals, which she said now operates 10 local ports.

When Mr. Fernandes was asked in a media roundtable on Monday regarding the ownership of the airline, he said: “Come back to me in one-and-a-half month. Ownership will be solved. It is important for the airline but we’ll make the proper announcement at the proper time.” — Justine Irish D. Tabile