Yao completes airline buys

The Yao Group of Companies has earmarked P3 billion to P4 billion to refleet its airline business after acquiring budget carriers Asian Spirit and South East Asian Airlines. Ambassador Alfredo Yao, chairman of Zesto Corp., said his group bought Asian Spirit for around P1 billion and Seair for less than P1 billion. Asian Spirit is the country's first and only cooperative airline that concentrates on least traveled routes while Seair is a charter airline company operating short routes since 1995. The Yao group bought Asian Spirit from the Airline Employees Cooperative. Asian Spirit flies to tourist destinations and secondary and tertiary airports largely ignored by bigger airlines. Seair, meanwhile has already forged an agreement with Tiger Airways for a long-term lease of two Airbus 320s and plans to fly to Macau and Singapore. Seair operates 13 aircraft and operates its own in-house maintenance facility at Clark Airfield, Pampanga.

in Manila Standard Today by Eileen A. Mencias
April 24, 2008
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