BANGKOK, 31 January 2019: Japan’s ANA will invest USD95 million in the holding firm of Philippine Airlines in a move to secure a 9.5% stake in the airline.
The holding firm of All Nippon Airways, ANA HD, will acquire shares from the Trustmark Holdings of tycoon Lucio Tan, the largest shareholder of PAL holdings, according to the airline’s statement.
“This purchase underscores ANA HD’s belief in the dynamism of the Asian region and the great potential of the Philippines’ multi-awarded flag carrier and its confidence that the Philippine air travel market will continue to serve as an economic leader for the ASEAN region,” according to the statement.
PAL and ANA operate code-share flights between the Philippines and Japan.
Philippine Airlines announced, earlier this month, it would launch new services to Phnom Penh, Hanoi and New Delhi starting 31 March with the Hanoi route and following on 1 April with a new service to Phnom Penh.
