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Cebu Pacific postpones IPO plan; but expansion not affected

15-Jul-2008

Cebu Pacific President, Lance Gokongwei, stated the airline is unlikely to pursue its planned USD328 million IPO this year, given continued difficult equity market conditions. However, Mr Gokongwei stressed that the airline’s funding requirements are easily covered by various other financing options even without the IPO proceeds. He added the airline’s expansion programme would not be affected by the decision. [1345 words]

Unlock the following content in this report:

Subheadings:

  • To implement range of cost-cutting measures; fuel accounting for 50% of operating costs
  • To boost ancillary revenues with new website; to package multiple travel components
  • Targeting government accounts
  • Domestic expansion continues
  • Philippines and Hong Kong SAR sign expanded bilateral air services agreement
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