Cebu Pacific delays IPO (again); has funding for expansion plans
Cebu Pacific parent, JG Summit Holdings Corp's President, Lance Gokongwei, stated the company has enough capital to finance the carrier’s USD194.65 million fleet expansion plans (Xinhua, 26-May-2010/Manila Times, 27-May-2010). The carrier plans to expand its fleet from 29 to 47 aircraft in the next four-and-a-half years. As a result, the LCC now plans to wait to launch its IPO until the market is "ripe". Mr Gokongwei stated he believes now is not the right time for the offering. Cebu Pacific had originally planned to launch the IPO on 03-May-2010, but suspended plans until after the Philippine national elections.