Majority Stake in Philippine Airlines For Sale
San Miguel Corporation rebutted previous reports that it was planning to acquire the 51% stake held in Philippine Airlines by Lucio Tan's group. The company disclosed on June 10, 2013 that it had no intention of acquiring the remaining stakes.
What does remain true from the reports over the weekend is that the Lucio Tan Group is intending to sell its 51% stake in Philippine Airlines. According to San Miguel Corporation, the group headed by Lucio Tan is in talks with a group of investors who have expressed interest to purchase the majority stake in PAL.
San Miguel Corporation assumed its 49% minority stake last year in April 2012 seeking to inject new life into the country's national flag carrier that has been plagued by labour and financial troubles for several years. Speculation on the sale of the majority stake in Philippine Airlines flooded the media last weekend when the Lucio Tan group failed to include PAL under the newly formed LT Group holding firm.
The LT Group holds ownership of Tanduay Distillers, Fortune Tobacco Corporation, Asia Brewery, and Eton Properties. Meanwhile, PAL Holdings faces de-listing from the Philippine Stock Exchange as it failed to meet the requirement of at least 10% public ownership.
Speculation that Ramon Ang could be among the group of interested investors was not added by Ang who did state that PAL would return to profitability by next year. Lucio Tan's stake in Philippine Airlines is estimated to be valued at US$500 million.
 |
| Copyright Photo: Juan Natividad/PPSG |
San Miguel Corporation assumed its 49% minority stake last year in April 2012 seeking to inject new life into the country's national flag carrier that has been plagued by labour and financial troubles for several years. Speculation on the sale of the majority stake in Philippine Airlines flooded the media last weekend when the Lucio Tan group failed to include PAL under the newly formed LT Group holding firm.
The LT Group holds ownership of Tanduay Distillers, Fortune Tobacco Corporation, Asia Brewery, and Eton Properties. Meanwhile, PAL Holdings faces de-listing from the Philippine Stock Exchange as it failed to meet the requirement of at least 10% public ownership.
Speculation that Ramon Ang could be among the group of interested investors was not added by Ang who did state that PAL would return to profitability by next year. Lucio Tan's stake in Philippine Airlines is estimated to be valued at US$500 million.
No comments