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Cebu Pacific hikes stake in 1Aviation to 60%
The Philippine Star
|October 30, 2024
Low-cost carrier Cebu Pacific has increased its ownership stake to majority control in a company that extends ground handling services to several airports nationwide.
In a disclosure to the Philippine Stock Exchange, Cebu Pacific's parent Cebu Air Inc. said it has entered into a debt-to-equity conversion with 1Aviation Groundhandling Services Corp.
The swap will wipe out previous advances and loans issued by Cebu Air to 1Aviation, amounting to P113 million, by converting them into equity, as approved by shareholders.
Cebu Air will then raise its ownership stake in 1Aviation to 60 percent once the Securities and Exchange Commission (SEC) approves the conversion. Currently, Cebu Air owns 40 percent of 1Aviation.
Denne historien er fra October 30, 2024-utgaven av The Philippine Star.
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