Cebu Air offloads majority stake in ground-handling services firm

Cebu Air, Inc., the listed operator of Cebu Pacific, has sold majority of its shares in its ground-handling service provider.
In a disclosure to the stock exchange on Wednesday, the Gokongwei-led company said it has sold 60% of its shares in 1Aviation Groundhandling Services Corporation to Philippine Airport Ground Support Solutions, Inc. (PAGSS), led by Mr. Jefferson G. Cheng.
“Mr. Lance Y. Gokongwei, Chairman and President of Cebu Air, Inc., welcomed this development as this investment by Mr. Cheng and PAGSS brings decades of experience in ground handling for the benefit of airline passengers,” it said. — Denise A. Valdez