The capital increase is in preparation for the company’s planned initial public offering (IPO) of shares later this year or early next year to raise funds for its aggressive expansion program.
Of the P700-million capital hike, P475 million has been subscribed and P175.25 million paid up.
Controlled by the group of Jack Po, Noel Onate and Antonio Turalba, Asian Spirit is looking to sell 30 percent of its shares to the public.
Asian Spirit recently unveiled a $40-million fleet expansion by acquiring four Bae 146 jets to expand its routes in Palawan and Ormoc.
The airline likewise bared plans to go international in the next two years. It is eyeing China as its first test market. If this plan pushes through, Asian Spirit will be the first airline company to be directly listed on the stock exchange.
Under its 25-year congressional franchise issued in March 2003, Asian Spirit is required to go public in five years.
Asian Spirit, also known as the People’s Airline being founded as a cooperative, is majority owned by a cooperative composed of its three major shareholders alongside aviation industry professionals and former staff and employees of other airlines.
Company officials said the 146 jets are expected to cut travel time to some of the carrier’s key destinations like Surigao del Norte, Catarman, Calbayog and the newly-opened route, Puerto Princesa.
The new jets will also service the Boracay route when Caticlan expands its airport.
Asian Spirit currently flies to Batanes, Baguio, Busuanga, Boracay, San Jose Mindoro, Marinduque, Surigao del Norte, Surigao del Sur, Catarman, Calbayog, Masbate, Catanduanes, Taytay, Palawan, Dipolog, Clark Special Economic Zone, Tuguegarao, Antique, Cagayan de Oro, Cebu, and Manila.