Cebu Air Inc., operating under the Cebu Pacific brand, has increased its stake in 1Aviation Groundhandling Services Corporation (1AV) to a controlling 60 percent through a debt-to-equity conversion.
In a disclosure to the Philippine Stock Exchange, the airline said it has signed a Deed of Assignment of Credit and Subscription with 1AV for the assignment of credit and subscription to 1.13 million shares with a par value of P100 per share for a total of P113 million.
