Shares in Cebu Pacific parent company soar, ahead of planned IPO
Shares in JG Summit Holdings surged more than 15% to a two-year high yesterday, as investors acquired shares ahead of the planned IPO of its airline arm, Cebu Pacific. The carrier plans to raise approximately USD260 million from an IPO this year, taking advantage of a rebound in demand.
Nok Air reports better than expected financial results in Jan/Feb-2010
In Thailand, Nok Air CEO, Patee Sarasin, stated the carrier has reported better than expected financial results so far in 2010, reporting a net profit of USD1.7 million in Jan-2010 and USD1.3 million in Feb-2010. The carrier now expects to report a net profit of USD1.6 million for Mar-2010, with full year profitability to exceed the USD10.3 million net profit reached in 2009. Shares in parent company, Thai Airways, gained 8.1%, driven by continued buying interest in Thai stocks by foreign investors.
Meanwhile, Civil Aviation Administration of Vietnam (CAAV) Deputy Nead, Lai Xuan Thanh, stated AirAsia’s move to acquire a stake in VietJet Air is legitimate, as the Vietnamese Government allows foreign investors to purchase stakes in local carriers. The comments were in response to complaints by Vietnam Airlines.
Selected LCCs daily share price movements (% change): 23-Mar-2010