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JG Summit keen on Cebu Air IPO once market improves

1-Jul-2010 10:52 AM

Cebu Pacific's parent, JG Summit Holdings Inc stated it is still interested in listing the airline, with President and CEO, Lance Gokongwei, commenting: "We would still like to pursue that. We don't have to do it this year. But at some point we want to be a listed firm." (, 30-Jun-2010) The carrier has twice postponed its IPO plans, with Mr Gokongwei stating it would launch an IPO when market conditions were more favourable. However, Mr Gokongwei stated the carrier will continue with expansion plans regardless of its IPO plans, with the carrier planning to continue to use export credit facilities to fund its acquisition of more aircraft. The carrier expects to handle 10 million passengers in 2010, 13 million passengers by 2012 and 15.1 million passengers by 2015, with revenue and profit growth of 30% anticipated for 2010.