Cebu Pacific Sells Majority Stake in 1Aviation

July 9, 2018

In a disclosure to the stock exchange, the company said it has sold 60 percent of its shares in 1Aviation Groundhandling Services Corp. to the Philippine Airport Ground Support Solutions, Inc. (PAGSS).

Source BusinessWorld

Cebu Air, Inc., the listed operator of Cebu Pacific, on Monday said it sold its majority stake in its ground-handling service subsidiary.

In a disclosure to the stock exchange, the Gokongwei-led company said it has sold 60% of its shares in 1Aviation Groundhandling Services Corp. to the Philippine Airport Ground Support Solutions, Inc. (PAGSS), led by Jefferson G. Cheng.