The recent acquisition is a legacy the Romeros want to pass on to their children
Deputy Speaker Representative Mikee Romero has taken major ownership of AirAsia Philippines. Through F&S Holdings, they bought a 15.6 percent stake of Tonyboy Cojuangco in AirAsia. It raises the total stake of the Romero Group to 60 percent, turning F&S Holdings the single largest shareholder in the low-cost carrier (LCC). This recent acquisition is not only another milestone for the family, but a stepping stone to secure excellent flight service for Filipinos.
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AirAsia Bhd founders Tony Fernandez and Datuk Karmarudin Menarum remains as owners of the remaining 40 percent in shares. Mikee shares in an interview, “[This business] has a very solid foundation, especially now that revenues are hitting P30 billion, so it’s a no brainer.” In spite of tough competition among local rivals like Cebu Pacific and Philippine Airlines, the Romeros are confident of this long-term investment. It makes sense given the carrier’s growth and how Skytrax has awarded it the World’s Best Low-cost Airline Carrier for 11 consecutive years.
AirAsia may have losses last year yet the Romeros foresee revenues to hit P29 billion at the end of this year and have P50 billion in two years. With the positive developments, it is possible for the carrier to grow revenues by 39% compared to 2018. People can expect more flight frequencies, and thrilling destinations from AirAsia, especially with this major acquisition. It is certainly a legacy to be celebrated for the Romero group.