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Philippine budget airline Cebu Pacific to go public

Philippine budget carrier Cebu Pacific is aiming to raise up to 725 million dollars to buy new aircraft when it lists almost a third of its shares next month, the country’s stock exchange said Friday.

The airline’s holding company, conglomerate JG Summit Holdings, has applied to sell about 32.19 billion pesos (725 million dollars), or 31 percent, worth of its shares from October 8.

It added that 70 percent of those shares have been put aside for sale in the United States as it prepares for a roadshow at the end of this month, while the rest is to be offered to local investors.

Cebu Pacific, a no-frills carrier that began flying in 1996, is aiming to raise funds for new aircraft over the next two years.

The airline planned to publicly list in 2008, but the global financial crisis forced it to temporarily shelve the idea.

Parent JG Summit Holdings is controlled by Chinese-Filipino John Gokongwei, whose family is one the country’s 40 richest, according to Forbes magazine.

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