Philippine-listed budget airline Cebu Pacific has acquired the majority stake of Singapore’s SIA Engineering Company in a JV that started in 2005, while Thailand’s Dot Property has acquired listing startup Hipflat for an undisclosed amount.
Cebu Pacific buys out Singaporean JV partner
Philippine-listed low-cost airline Cebu Pacific Air has acquired the majority stake of its joint venture partner, Singapore’s SIA Engineering Company Ltd, in Aviation Partnership Philippines Corporation (APPC).
SIA Engineering holds a 51 per cent stake in APPC, a joint venture company established in 2005 to maintain Cebu Pacific’s new fleet of Airbus aircraft and its existing fleet of DC9s and B575s. Cebu Pacific holds 49 per cent stake in the JV.
In a disclosure on Tuesday, Cebu Pacific said the acquisition cost of $5.6 million will be paid in cash. APPC will become a wholly-owned subsidiary of Cebu Pacific. “The acquisition is in line with Cebu Pacific’s overall strategy to closely align its line maintenance operations and strategic objectives with its network and service requirements,” according to a statement.
Thailand’s Dot Property acquires listing startup Hipflat
In a statement, Dot Property said the acquisition will allow it to further increase its foothold in the country. The firm runs Thailand-Property.com and dotproperty.co.th.
Hipflat, launched in 2013, has more than 200,000 property listings from all over the country through its English, Thai, Japanese, and Russian language websites. Under the acquisition agreement, Hipflat’s team, including its founder and CEO Denis Nemtsev, has exited the company.
Launched in June 2014, Dot Property Thailand has fast become one of the leading property websites and is one of a nine-country property portal operated by Dot Property Group, which began in May 2013 and is one of the largest property portal networks across Asia.