News
Cebu Pacific sells stake in ground handling unit
July 13th 2018
Manila-headquartered Cebu Pacific Air has sold a 60% stake in ground handing firm 1Aviation (1AV) to Philippine Airport Ground Support Solutions (PAGSS) and PAGSS major shareholder, Jefferson Cheng, for an undisclosed amount. Read More » Cebu Pacific will retain a 40% shareholding.
“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,” the airline added.
Last week, Cebu Pacific announced the signing of an agreement with Switzerland-based IPR Conversions to convert two of its ATR 72-500 passenger aircraft into freighter planes. This will make Cebu Pacific the only carrier in the Philippines with a dedicated cargo fleet.
Cebu Pacific, a low-cost carrier, is the second largest airline in the Philippines after Philippine Airlines. Its fleet comprises eight A330-300s, 41 A320 Family aircraft and 17 ATRs.
