Cebu Pacific has given up its 60 per cent stake in its ground handling unit 1Aviation and has given the shares to Phillipine Airport Ground Support Solutions and PAGSS shareholder – Jefferson G. Cheng.
In a stock exchange filing, the Filipino carrier said that nearly 700,000 shares were sold for an undisclosed figure.
The carrier said that relinquishing the shares will allow 1Aviation to become a better ground handler with the addition of more strategic partners.
