Japan's ANA takes 9.5pc of Philippine Airlines to boost belief in Asia
JAPAN's All Nippon Airways (ANA) group will invest US$95 million to acquire 9
JAPAN's All Nippon Airways (ANA) group will invest US$95 million to acquire 9.5 per cent of PAL Holdings, the parent of Philippine Airlines (PAL), reports London's Air Cargo News.
ANA Holdings will acquire the shares from Trustmark Holdings Corp, which is owned by the Lucio Tan family and is the largest shareholder of PAL Holdings.
Said ANA Holdings said: 'This purchase underscores ANA'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.'
Said PAL president Jaime Bautista: 'The Philippines and Japan have a long-standing relationship with complementary strengths. It is a great privilege to celebrate this historic occasion by strengthening our ties with ANA.'
ANA operates 14 flights weekly on two routes to the Philippines and Philippine Airlines currently operates 84 flights weekly on nine routes to Japan.
Separately, ANA Holdings has placed a $4.3 billion order for a total of 48 aircraft, which include 30 Boeing 737 MAX 8 and 18 Airbus A320neo. Deliveries are scheduled from FY2021 to FY2025.