AACE acquires 49% stake in PAAT

Asian Aviation Centre for Excellence (AACE) acquired a 49% stake in the Philippine Academy for Aviation Training (PAAT), with Cebu Pacific Air to hold the remaining 51% (ABS-CBN News/InterAksyon.com, 02-Jun-2015). The investment forms part of AACE's plans to provide training services throughout ASEAN. AACE is a JV between AirAsia and CAE. Philippines AirAsia and AirAsia Zest commenced pilot training with PAAT in Apr-2015.