Panama. Copa Holdings, S.A. is a publicly traded Panamanian airline holding company based in Panama City that owns two airlines: Panama-based Copa Airlines and Colombia-based AeroRepública (operating as Copa Airlines Colombia and Wingo). The company is a major provider of passenger and cargo air services in Latin America, operating out of its base at Tocumen International Airport, which is located near the border between North and South America, which the company sees as a strategically important location.