Cebu Pacific to launch flights to Vietnam in April
MANILA - Budget airline Cebu Pacific said Thursday it will start flying to Vietnam on April 10.
Cebu Pacific will offer the Manila-Hanoi service with three flights every week, said Candice Iyog, Cebu Pacific vice president for marketing.
Cebu Pacific will also offer three flights a week for the Manila-Ho Chi Minh route starting April 11, she said.
The airline currently flies to 12 international destinations and competes with flag carrier Philippine Airlines in the domestic market.
Cebu Air Inc., operator of Cebu Pacific, is scheduled to list on the Philippine Stock Exchange on February 8 following an initial public offering later this month.
Cebu Air, owned by conglomerate JG Summit Holdings Inc., will sell up to 135.5 million shares or about a third of its total equity to the public at an indicative price of not more than P95.00 per share. The offer consists of new shares and secondary shares.
At a maximum price of P95.00 per share, Cebu Air expects to raise P6.6 billion from the IPO, which will be used to fund its refleeting program, replenish its working capital, as well as serve its other general corporate purposes.
The selling shareholders are expected to raise P5.8 billion.
Cebu Air has a market capitalization of P39.8 billion. ($1 = P40.97)
Thomson Financial - January 17, 2007.