Arias, Fábrega & Fábrega acted as counsel to Morgan Stanley & Co., as underwriter, in connection with a US$100 million secondary offering of shares of COPA Holdings, S.A. by its controlling shareholder (Compañia de Inversiones Aéreas, S.A.,"CIASA"), on the New York Stock Exchange.

COPA Holdings, S.A., through its operating subsidiaries, AeroRepública and more importantly COPA Airlines, is a leading provider of passenger and cargo services in the Latin American region.

The shares were simultaneously registered with the SEC of the United States and with the local securities regulator in Panama. This was CIASA's first sale of a significant block of shares since its 2005 IPO. COPA is a leading commercial airline in the Latin American region.