SEC clears AirAsia's acquisition of Zest Airways

1 Mar 2015 04:26:32

BANGKOK - The Philippines' Securities and Exchange Commission (SEC) has approved AirAsia's takeover of Zest Airways Inc.

"We have gotten an approval from SEC and we will now apply with the CAB and CAAP," Joy Caneba, president and chief executive of AirAsia Zest told reporters flown in from Manila.

CAB refers to the Civil Aeronautics Board, while CAAP is the Civil Aviation Authority of the Philippines.

Caneba said the AirAsia Group plans to consolidate its operations in the Philippines and rebrand AirAsia Zest to AirAsia Philippines.

"The local government in most of the provinces that we are operating recognized the value of AirAsia in the Philippines and they've been very supportive of us," she said.

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