Hainan Airlines acquires stake in Zest Air

Hainan Airlines and Zesto Group signed an MoU underwhich Hainan Airlines will acquire a stake in Zest Air, according to a Malaya report. Zesto Group will retain a controlling interest in the Philippine carrier. No details were disclosed as to the equity that was acquired, and the price of the acquisition. Zest plans to acquire nine aircraft in 2012 for a fleet size of 19 aircraft as it expands its network.