JG Summit Holdings Inc. (PSE: JGS) has continued its stock buybacks of Cebu Air Inc. (PSE: CEB), the Philippines largest national flag carrier. On January 13, 2011, the company repurchased 587,930 common shares of CEB. On January 14, JG Summit reacquires a total of 280,000 common shares of CEB.
The recent stocks acquisitions has increased JG Summit’s present shareholdings in Cebu Air to 3,420,090 common shares.
In related news, Cebu Air has announced that it will be spending $1 billion in the next four years on 19 brand-new Airbus aircraft in an international and domestic expansion that will require the hiring of 2,000 more employees. The airline will also spend P300 million this year to promote the Philippines abroad.