Zest Airways yesterday denied that a Chinese company has acquired a 40 percent stake in it.
Zest Airways was reacting to a story on October 3 which said Alfredo Yao, chairman of the Zesto Group, signed a memorandum of understanding with Hainan Airlines at the sidelines of the recent state visit to China of President Aquino.
Arturo M. Alejandro, ZestAir spokesman, said no memorandum of understanding has been signed between Hainan Airlines and ZestAir and that Hainan Airlines has no investment in ZestAir.
SOURCE: malaya.com.ph
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