AirAsia’s new biggest shareholder is holding firm of party-list rep

1 min readUpdated May 25, 2025Jun 24, 201911:06 PM

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AirAsia Inc on Monday said F&S Holdings Inc, owned by 1-PACMAN party-list Rep. Michael “Mikee” Romero, is now the biggest shareholder of the budget airline’s Philippine arm after acquiring an additional 28.8 percent stake, which raised the holding firm’s ownership to 44.5 percent.

Prior to the acquisition, Romero’s group owned 15.7 percent shares. Thirteen percent and 15.8 percent of shares were acquired from Ambassador Fred Yao and Maan Hontiveros, Romero’s wife Sheila Romero said in a press conference.

“Rep. Romero said Air Asia Inc will continue to scale new heights for the multi-awarded Philippines AirAsia,” the carrier said in a statement.

Businessman Antonio “Tonyboy” Cojuangco’s TNR Holdings has 15.7 percent shares, while the remaining 40 percent remain with AirAsia Berhad founders Tony Fernandes and his partner Kamarudin Menardum.

Romero said he is bullish about AirAsia’s prospects this year as airlines have been booking 90 percent of seats recently.

He said AirAsia is recapitalizing and restructuring its equities and is aiming to have an initial public offering of around $200 million worth of shares later this year.

The company is also aiming to add 50 planes within the next 10 years and add more routes as it competes in the budget air travel market.

“In fact we want to lower the prices and add more routes and flights,” Romero said in an interview with ANC’s Business Nightly.

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What this means

The Romero family's substantial increased stake in AirAsia Inc. Signals aggressive recapitalisation and an imminent IPO, placing direct pressure on rivals in the Philippine budget airline market. AirAsia Berhad founders maintain a significant holding, suggesting continued strategic alignment with the overall brand. While the company aims to add 50 planes and expand routes, mirroring the ambition of other regional players like Chagee Holdings' Southeast Asia expansion, the success hinges on delivering lower prices without compromising profitability. This move is likely to work in securing necessary capital and market share, given the current strong 90 percent seat booking rates. The critical indicator to watch next is the initial public offering price.

Aiko Tanaka · Retail News Asia newsroom

Questions & Answers

What percentage of AirAsia Inc does F&S Holdings Inc now own after this acquisition?

F&S Holdings Inc, owned by Rep. Michael “Mikee” Romero, now holds 44.5 percent of the budget airline's Philippine arm. This increased from their previous ownership of 15.7 percent shares.

Who were the sellers of the shares acquired by F&S Holdings Inc?

The shares were acquired from Ambassador Fred Yao and Maan Hontiveros. They sold 13 percent and 15.8 percent of the shares respectively, making up the additional stake.

What is AirAsia's planned financial activity later this year?

AirAsia is recapitalising and restructuring its equities. They aim to have an initial public offering (IPO) later this year, valued at approximately $200 million worth of shares.

What are AirAsia's expansion plans for its fleet and routes over the next decade?

The company aims to add 50 planes within the next 10 years to its fleet. They also plan to add more routes as they compete in the budget air travel market, intending to lower prices and increase flights.

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