Cebu Pacific lists convertible preferred shares

Cebu Air Inc., the operator of budget carrier Cebu Pacific, has listed 328.94 million convertible preferred shares with a par value of P1 per stock on the Philippine Stock exchange (PSE). This new exercise, according to Cebu Pacific President Lance Y. Gokongwei, is on the back of the successful completion of its convertible preferred shares stock rights offering earlier this year. To recall, Cebu Pacific raised P12.49 billion from existing shareholders earlier this year through its stock rights of fering initiative.

“The success of this activity is a testament to Cebu Pacific’s fortitude and its steadfast commitment as the Philippine national flag carrier which reminded me of something that my father once said, ‘Success is not necessarily about connections, or cutting corners, or chamba. Success can be achieved through hard work, frugality, integrity, responsiveness to change, and most of all, boldness to dream.’ We would like to recognize and convey our gratitude to our shareholders for supporting us in this endeavor,” he said.

BPI Capital Corp. acted as the sole global arranger, bookrunner and underwriter for the offer.

The fundraising activity was launched to strengthen the balance sheet of the company and to ensure that it has sufficient war chest to “thrive in the new normal.”

“The hard work our team puts in every day – despite all challenges, the strategies we have put into play long before this pandemic started, and the changes we have implemented in our company, will enable us to continue our dream – for everyjuan to fly,” Gokongwei said.

Cebu Air reported an operating loss of P13.72 billion in January to September of 2020, a 241.7-percent drop from the P9.69-billion operating income in the same period of 2019.

Advisory

PHILIPPINE Airlines (PAL) and Cebu Pacific said they will continue their flights during the new enhanced Community Quarantine (ECQ) periods, subject to travel protocols set by the Philippine Department of Transportation (DOTR) from March 29 to April 4.

The local carriers have announced the following advisories regarding international and domestic flights:

*Arrival sat manila’ s ni no yaqui no international airport( na ia) continue to be limited to a maximum of 1,500 passengers per day for all airlines combined;

*As a result, airlines are compelled to cancel some flights, and/or re-route some to land in Cebu or Clark instead, to ensure that they stay within the limits. Please check regularly for updates on daily flight operations.

Domestic flights to and from Manila may continue to operate subject to compliance with any restrictions on flight frequencies or capacity that may be imposed by each local government unit (LGU) of the concerned destination cities.

Domestic travel to and from Manila shall be limited to essential travelers and Authorized Persons Outside of their Residences, namely:

■ health/emergency frontline services personnel;

■ government officials and frontline personnel;

■ duly-authorized humanitarian assistance actors;

■ persons traveling for medical/humanitarian reasons;

■ persons going to the airport for travel abroad;

■ persons crossing zones for work or business permitted in the zone of destination, and going back home; and

■ returning or repatriated OFWS and other Overseas Filipinos returning to their places of residence.

In line with the DOTR guidelines, airlines shall strictly adhere to the health and safety protocols established by the government authorities.

Should flights be canceled due to the restrictions and limitations, passengers may:

■ Convert their ticket to a Travel Voucher (request until June 30);

■ Avail of unlimited rebooking (no rebooking fee) until December 31. If passengers will comple their travel in the same booking class by June 30(or ticket validity, whichever comes first), there will be no fare difference charge;

■ Refund their ticket without penalties.

If their flight is not affected by cancellations or travel ban, passengers can make voluntary changes to their flight following the new no-worry Flight Fare brand. All changes shall be made within ticket validity and applicable change fees shall be assessed on the fare conditions of the route.

‘Care kits’

In prepartion for the holy Week, Airasia said it is handing out #Alwaysredy care kits.

The #Alwaysredy care kit includes Lifebuoy hand sanitizers, antibacterial wipes, surgical face masks, and pens “which could come handy for their flight.”

The kit contains a note which reminds guests to always practice proper hygiene, not just during the flight, but as part of the daily life of passengers.