Wiseway Cargo Airlines, a subsidiary of Australian freight and logistics business, Wiseway Group, will acquire a 51% stake in SEAir International (XO, Clark) for AUD4.6 million dollars (USD3.1 million). In the process, Wiseway will secure access to SEAIR’s air operator's certificate (AOC) which smooths the way for a recently leased B737-800(SF) to commence operations.

"This acquisition will allow our Group to maximise the utilisation of recently leased and future aircraft acquisitions through secure access to SEAir as an AOC holder with a certificate of public convenience and necessity (CPCN) to operate air transport services in the Philippines," said Florence Tong, Wiseway’s executive chair and managing director, said in a November 17 Australian Stock Exchange (ASX) filing. "It opens up valuable supply chain efficiencies in the air freight sector and reinforces our concerted efforts to grow our extensive networks and footprint outside of the Australian and New Zealand markets.”

One of just two all-cargo airlines based in the Philippines, SEAir operates out of the Clark Civil Aviation Complex (CCAC). Its fleet of two B737-200(C)s operates charter services transporting general cargo, perishables, and other goods to various airports in the Philippines, including Manila Ninoy Aquino Int'l, Clark, Cebu, Davao, and Koror.

Tong said in the ASX filing that a "compelling aspect of the deal" was access to the AOC and CPCN which would allow Wiseway to immediately begin using its recently leased B737-800SF. In August 2022, the company secured one such aircraft from GA Telesis under a 96-month agreement at a stated rate of less than AUD300,000 (USD198,130) per calendar month. At the time, Tong said negotiations were underway with various (unnamed) parties to manage the operations of the aircraft.

According to the latest ASX filing, AUD2.2 million (USD1.5 million) of the total SEAir acquisition amount is additional cash from Wiseway to finance the establishment of the company's planned aircraft freight operations, while the remaining amount covers capitalised advance payments, transaction fees, and expenses already incurred in relation to the B737-800SF acquisition.

The proposed takeover of SEAir is subject to approval from the Securities Exchange Commission (SEC) of the Philippines, the Civil Aviation Authority of the Philippines (CAAP), and the Philippine Civil Aeronautics Board (PCAB). Existing SEAir’s shareholders also need to approve a new shareholders agreement and SEAir entering into an aircraft sublease and charter with Wiseway.