Asian Spirit was sold to AMY Holdings (presently Mazy's Capital Inc.), a holding company controlled by businessman Alfredo M. Yao, in March 2008. After the success of the takeover, Yao expressed interest in merging Asian Spirit with South East Asian Airlines (SEAIR). The two airlines had been in merger talks. Yao had been expected to purchase a sixty percent stake in SEAIR, although the deal fell through because of a stolid response from SEAIR management. The merger talks failed and both airlines continued to operate independently.