Planning to Visit the Philippines Soon?
There are hundreds of tourists attractions in the Philippines. But as a lover of the Island of Marinduque (Home of the Morions and Heart of the Philippines), I am indeed partial to its beauty, charm and its friendly and hospitable residents. Therefore, help me achieve my dream of seeing this island becomes a world tourist destination, by telling all your friends and relatives about this site. Welcome, to you all, new readers and faithful followers of this site! The photo above is Poctoy White Beach in Torrijos, Marinduque with beautiful and majestic Mt Malindig in the background. Some of the photos and videos on this site, I do not own. However, I have no intention on infringing your copyrights. Please do not forget to read the latest National and International news in the right side bar of this blog!
Saturday, April 24, 2010
Cebu Pacific Air plans on Flying to Marinduque
Cebu Air released this news on March 31, 2010. What is exciting is their future plan to add domestic flight to Marinduque. This will be good for the economy of the province and air fare will then be more competitive. Currently, SEAIR and Zest Airlines fly daily to Marinduque from Manila.
Cebu Air defers P25.7-billion stock offering until after May 10 elections
By JAMES A. LOYOLA
Cebu Air Inc., the airline unit of JG Summit Holdings (operating under the brand Cebu Pacific Air), has decided to defer its P25.73 billion initial public offering until after the elections.
In a disclosure to the Philippine Stock Exchange (PSE) Wednesday, the firm said “it has taken the view that, despite stong interest in the IPO at this time, it is in the better interests of the stakeholders to pursue the listing after the coming elections.”
Cebu Air had planned to launch its roadshow and IPO this month and list its shares at the PSE on May 3, 2010.
According to the PSE, Cebu Air is listing up to 728.22 million common shares of which 582.57 million are outstanding prior to the IPO while 125,25 million will be issued during the IPO and 20.4 million will be sold to the company’s executives and employees.
Cebu Air is planning an IPO consisting of 125.25 million new shares while current shareholder CPAir Holdings is selling 110.31 million shares plus 35.33 million shares under an over-allotment option.
The airline said 164.89 million shares will be sold overseas outside of the United States, 47.11 million shares are being sold through brokers of the PSE while 25.56 million shares have been allocated for local small investors.
Cebu Air has given an indicative price of P95 per share although the actual offer price will not be set until after a domestic roadshow and an international roadshow and bookbuilding process.
The IPO will start with the sale of shares via trading participants of the PSE which are to submit commitments from April 19 to April 22 with the domestic offer ending on on April 26, 2010.
The airline has tapped Deutsche Bank AG, Hong Kong Branch and J.P. Morgan (S.E.A) Limited to be the international lead underwriters for the issue while ATR KimEng Capital Partners is the domestic lead underwriter.
Net proceeds from the primary portion of the IPO, estimated at P10.11 billion will be used for pre-delivery or down payments for new aircraft, working capital and general corporate purposes including fuel and flying operations-related expenses, maintenance, passenger services, staff expenses and other related items.
Cebu Air intends to increase its fleet size to 47 planes by 2014 from the current 29 and has firm orders for 15 Airbus A320 aircraft, options for five Airbus A320, operating lease for two Airbus A320, and plan to acquire two more Airbus A320 through lease or purchase.
The firm said the additional planes will support its plans to increase frequency on current routes and to add new city pairs and destinations.
Over the next two years, the airline plans to add new international destinations such as Brunei, Beijing, Denpasar, Fukuoka, and Nagoya, and new domestic destinations such as Pagadian and Marinduque.
Let us hope this plan will turn into reality. Have a Good Day to ALL!