The Manila Times

ROMEROS SELL AIRASIA PH STAKE; TO FOCUS ON POWER AND PORTS

FRANCIS EARL CUETO

F&S Holdings, owned by businessman and 1-Pacman party-list Rep. Michael “Mikee” Romero and his wife Sheila, has sold its shares in AirAsia Philippines to concentrate on its various interests in the power and ports sector.

A company statement said the shares were bought by AA Com Travel Philippines Inc., making AA Com the sole local owner and majority shareholder, at 60 percent, of the country’s third-largest airline. The value of the transaction was not revealed.

The remaining 40 percent in AirAsia Philippines is owned by Capital A Bhd founders Tony Fernandez and Datuk Karmarudin Menarum.

The move was described as a “wellmapped and very amicable” decision.

“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,” F&S Chairman Sheila Romero said.

“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.

It was likewise announced that CapitalOne Energy Corp. would be the holding company that would integrate the Romero Group’s power generation companies.

“These include investments in the renewable energy sector through ADSI, a 40 MW (megawatt) solar power plant operating in Digos, Davao del Sur, and Fort Pilar Energy, which operates a total of 100 MW battery energy storage system power (BESS) plants in Zamboanga del Sur,” company chairman Joseph Omar Castillo said.

“The group likewise includes Belgrove Power Corporation, which owns the 650 MW Malaya Thermal Power Plant, a Must

Run Unit (MRU) of the Department of Energy,” he added.

CapitalOne Energy is currently expanding its solar power portfolio with the development of new sites in Cagayan, Nueva Ecija, Batangas, Marinduque and Palawan. Castillo said the new sites would have a combined capacity of 180 MW.

Corporate News

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2023-06-06T07:00:00.0000000Z

2023-06-06T07:00:00.0000000Z

https://digitaledition.manilatimes.net/article/282029036620909

The Manila Times