AYALA Land Inc. (ALI) on Tuesday confirmed it was “exploring opportunities” with Gokongwei-led Cebu Air Inc. following reports that the latter was planning to acquire the former’s boutique airline, AirSWIFT.
“We confirm that Ayala Land is exploring opportunities with CEB to improve our offerings. Should this discussion result in an agreement, then the proper public disclosures will be made,” ALI informed the stock exchange.
A day earlier, Cebu Pacific operator Cebu Air Inc., which trades as CEB, also confirmed that it was in talks with the real estate firm.
“We confirm that CEB is currently engaged in exploratory talks with Ayala Land Inc. but nothing definitive has been agreed upon,” Cebu Air told the stock exchange on Monday.
In 2012, the Ayala group acquired a 60-percent stake in AirSWIFT Transport Inc., previously known as Island Transvoyager Inc., and took full control the following year after buying out the remaining 40-percent stake from Asian Conservation Co.
Both ALI and Cebu Air said they would make the proper disclosures to the bourse once an agreement was in place.
For now, ALI said it was focused on “providing our customers at AirSWIFT, El Nido Resorts, and Lio Hotels the best service experience.”
AirSWIFT services popular tourist destinations and operates a small fleet of turboprop planes.
On Tuesday, Ayala Land shares dropped 30 centavos, or 0.94 percent, to P31.60 each while Cebu Air shares rose 45 centavos, or 1.53 percent, to close at P29.85 apiece.
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