SEAIR Name Change Bid Approved


SEAIR International
From SEAIR to GO AIR

 

THE country’s air-services regulator has approved the petition of the South East Asian Airlines Inc. (Seair), the operator of Tigerair Philippines, to change its corporate name.

Civil Aeronautics Board Executive Director Carmelo L. Arcilla said in a phone interview that along with the approval comes the agency’s endorsement of the said move to the Securities and Exchange Commission (SEC).

“We approved their petition for endorsement to the SEC. We did not see any violation or any legal implication based on our review,” he told the BusinessMirror. Seair is changing its corporate name to Go Air Inc., as part of its agreement with the new parent company, Tigerair Philippines President Olive C. Ramos said.

“We are changing our corporate name [from] Seair to Go Air Inc. because we have to return the company name to its original owner,” she said.

Seair was rebranded as Tigerair Philippines early last year after Singapore-based Tiger Airways Holdings Pte. Ltd.—through subsidiary Roar Aviation II Pte. Ltd.—acquired a 40-percent interest in the local low-cost carrier in 2012.

The entire shareholding in Tigerair Philippines was then bought by dominant budget carrier operator Cebu Air Inc. in a $15-million deal, which involves a strategic alliance between the two airlines.

“The change in corporate name is part of the agreement between Cebu Pacific and Tigerair Singapore when we acquired the airline,” Cebu Pacific Spokesman Jorenz T. Tañada explained.

According to the Corporation Code of the Philippines, once the SEC-approval has been secured the agency must issue an amended certificate of incorporation under the amended name.

“But we will keep the branding,” Ramos said.

Part of the deal involves Tigerair Philippines keeping its own airline operator’s certificate and functioning as a separate carrier. This means that flights of Tigerair Philippines will continue to be operated out of the Ninoy Aquino International Airport (Naia) Terminal 4, while Cebu Pacific flights will be mounted from the Naia Terminal 3.

Cebu Pacific currently operates over 2,200 flights per week with 51 planes servicing the 24 international and 33 Philippines destinations in its network.

Tigerair Philippines operates about 118 flights per week with five planes going to 11 domestic and international destinations.

The original owners of the Seair brand and corporate name formed Seair International Inc. to service missionary and leisure routes in the country.

It is led by former Philippine Airlines President Avelino L. Zapanta.

 

Source: Lorenz S. Marasigan, BusinessMirror

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