Philippine Airlines: Cambodia Airlines Deal Will Close Next Month
Philippine Airlines has revealed that it will be able to close a deal with the Royal Group of Cambodia to form Cambodia Airlines as early as next month.
Philippine Airlines intends to invest $10 million in exchange for a 49 percent stake in the new airline which will be wholly owned by Inter Logistics Cambodia, a subsidiary of the Royal Group of Cambodia. The original target date for completion of the deal was July 15 with PAL to make a $1 million down payment of the total acquisition cost pending completion of closing conditions. But the conditions took longer than expected including the registration of PAL's investment and the procurement of necessary franchises, permits, and licenses in order for Cambodia Airlines to operate as an airline company.
In a text message, PAL President Ramon Ang confirmed that the new closing date of the deal with Royal Group of Cambodia should close on October 15 as previously announced. "Yes, it should be done," said Ang. The PAL Holdings conglomerate is widening its aviation portfolio through its various subsidiaries including the newly proposed airline in Cambodia, a contract to rehabilitate and operate Caticlan Airport, and a bid to develop the expansion of Mactan-Cebu International Airport. The airline also recently announced that it intended to form a foreign based aircraft leasing company to support fleet expansion at Philippine Airlines.
Philippine Airlines is eagerly preparing for its return to Europe after a 15 year absence with new direct flights between Manila and London's Heathrow Airport scheduled to begin on November 4 with five flights weekly.
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| Image Source: Routes News |
In a text message, PAL President Ramon Ang confirmed that the new closing date of the deal with Royal Group of Cambodia should close on October 15 as previously announced. "Yes, it should be done," said Ang. The PAL Holdings conglomerate is widening its aviation portfolio through its various subsidiaries including the newly proposed airline in Cambodia, a contract to rehabilitate and operate Caticlan Airport, and a bid to develop the expansion of Mactan-Cebu International Airport. The airline also recently announced that it intended to form a foreign based aircraft leasing company to support fleet expansion at Philippine Airlines.
Philippine Airlines is eagerly preparing for its return to Europe after a 15 year absence with new direct flights between Manila and London's Heathrow Airport scheduled to begin on November 4 with five flights weekly.
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