Property developer Ayala Land Inc. is in discussions with other companies for the sale of its boutique airline AirSWIFT, which serves resort destinations. Mariana Beatriz Zobel de Ayala, the company’s executive director, said the terms of the sale are not yet set, but “the principle behind it is that our core competency is in developing land.
” “So it’s not exclusive in the sense that we are entertaining several (firms). But I guess what came out in the news is our discussions with Cebu Pacific,” Zobel said. “When we started this process our objective really was—what would be the best customer experience.
So we thought it would be best to cast a wide net. That’s how the process started. Right now, we are progressing with our talks with Cebu Pacific.
” Augusto Bengzon, the company’s CFO said Ayala Land may have a more definitive response to queries about the planned divestment by next month. AirSWIFT was acquired to serve Ayala Land’s luxury resorts in Palawan. “For our Lio estate, we still own the airport there and we would want them to continue, or whoever ends up purchasing AirSWIFT, would need to fly to service our properties, our resorts in Palawan.
It’s one of the requirements,” said Bengzon. “I think that’s what’s on the table, for AirSWIFT to be operated by Cebu Pacific. Why are we thinking of that? Because running an airline is their core competency, not ours.
” Gokongwei-led carrier Cebu Pacific confirmed last July that it started exploratory talks with Ayala Land regarding a potential acquisition of AirSWIFT. In a clarification attached to a disclosure, Cebu Pacific acknowledged the discussions but emphasized that no definitive agreement has been reached. “Cebu Pacific is always on the lookout for opportunities to grow and expand its network, including partnership with other parties.
We confirm that Cebu Pacific is currently engaged in exploratory talks with Ayala Land Inc. but nothing definitive has been agreed upon,” the disclosure read..
