Cebu Pacific Air (5J, Manila Ninoy Aquino International) has announced it has disposed of a 60% stake in its wholly-owned 1Aviation (1AV) Groundhandling Services company to Philippine Airport Ground Support Solutions (PAGSS) and PAGSS shareholder, Jefferson G. Cheng.
According to a stock exchange filing, Cebu Pacific sold 690,000 shares for an undisclosed cash sum.
"The transaction will allow 1AV to become a world-class ground handling company through the entry of the new strategic partner," Cebu Pacific said. "The Cheng Group, which includes PAGSS, is one of the country’s largest aviation service companies and they will bring with them decades of experience in ground handling for the benefit of Cebu Pacific and its passengers."
For its part, PAGSS has a significant presence at Manila Ninoy Aquino International Airport.
