Ayala Land Inc. is in talks with potential investors for the sale of AirSwift.
Mariana Zobel de Ayala , Ayala Land head of leasing and hospitality, said the company intends to focus more on its property development business while keeping allied ventures like aviation in partnership with other parties.
“Our core competency is in developing land and land-related products. So we hope to continue focusing on that and ensure that we can deliver the right experience by partnering with a group whose focus is aviation,” she said.
Zobel said the company will sell the business, either in full or just a part of it, once terms are fixed with any party it could close the deal with.
Ayala Land was reported to be in talks with Cebu Pacific but Zobel said the company is also in discussion with other groups. She did not elaborate.
“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,” she said.
Augusto Bengzon, Ayala Land chief finance officer, said a firmer terms of the sale may be achieved in a month.
Bengzon said Ayala Land will not be selling its airport facilities and will continue to own the airport in its Lio estate in Palawan.
“We still own the airport there and we would want them to continue, or whoever ends up purchasing Airswift (they) would need to fly (there) to service our properties, our resorts in Palawan. It’s one of the requirements,” Bengzon said.
AirSwift operates a fleet of ATR 42-600 and 72-600 which it uses to ferry passengers going to El Nido, Cebu, Boracay and Bohol.
