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▼ ANA To Acquire 9.5% Stake In PAL
- Category:Other
TOKYO - ANA Holdings, the parent company of All Nippon Airways, is to invest $95 million in PAL Holdings and acquire 9.5% of PAL Holding’s outstanding shares.
PAL Holdings is the parent of Philippine Airlines Inc (PAL), the Philippine flag carrier.
ANA will acquire the shares from Trustmark Holdings Corporation, which is owned by the Lucio Tan family and is the largest shareholder of PAL Holdings.
Jaime J Bautista, president of PAL Holdings and Philippine Airlines, said, “We are honored and excited that a premier airline group such as ANA has decided to purchase shares in PAL Holdings. The Philippines and Japan have a long-standing relationship with complementary strengths.
We commemorate the 70th year of Philippine Airlines’ service to Japan, dating back to the launch of our first Manila-Tokyo flight on January 26, 1949. It is a great privilege to celebrate this historic occasion by strengthening our ties with ANA, as we aim to build a relationship that is mutually beneficial with an eye to a more progressive future.”
Philippine Airlines currently operates 84 flights weekly on 9 routes to Japan and ANA operates 14 flights weekly on 2 routes to the Philippines. The two carriers have codeshare operations on Japan - Philippine routes and domestic routes within Japan and the Philippines, linking a total of 16 Japanese and 11 Philippine destinations.
PAL recently embarked on a full-scale expansion program that has seen its fleet and network grow to almost 100 aircraft and 80 destinations in four continents. The campaign has coincided with an emphasis on product transformation that saw PAL recognized recently as the World’s Most Improved Airline for 2019.
Shinya Katanozaka, president and CEO of ANA Holdings, said, “Asia is a key growth market and we believe Philippine Airlines is in an excellent operational position to capitalize on both the strong uptick in air traffic growth as well as the vibrant, expanding Philippine economy.
We look forward to expanding our business relationship with Philippine Airlines so we can continue to serve our passengers even better.”
PAL Holdings is the parent of Philippine Airlines Inc (PAL), the Philippine flag carrier.
ANA will acquire the shares from Trustmark Holdings Corporation, which is owned by the Lucio Tan family and is the largest shareholder of PAL Holdings.
Jaime J Bautista, president of PAL Holdings and Philippine Airlines, said, “We are honored and excited that a premier airline group such as ANA has decided to purchase shares in PAL Holdings. The Philippines and Japan have a long-standing relationship with complementary strengths.
We commemorate the 70th year of Philippine Airlines’ service to Japan, dating back to the launch of our first Manila-Tokyo flight on January 26, 1949. It is a great privilege to celebrate this historic occasion by strengthening our ties with ANA, as we aim to build a relationship that is mutually beneficial with an eye to a more progressive future.”
Philippine Airlines currently operates 84 flights weekly on 9 routes to Japan and ANA operates 14 flights weekly on 2 routes to the Philippines. The two carriers have codeshare operations on Japan - Philippine routes and domestic routes within Japan and the Philippines, linking a total of 16 Japanese and 11 Philippine destinations.
PAL recently embarked on a full-scale expansion program that has seen its fleet and network grow to almost 100 aircraft and 80 destinations in four continents. The campaign has coincided with an emphasis on product transformation that saw PAL recognized recently as the World’s Most Improved Airline for 2019.
Shinya Katanozaka, president and CEO of ANA Holdings, said, “Asia is a key growth market and we believe Philippine Airlines is in an excellent operational position to capitalize on both the strong uptick in air traffic growth as well as the vibrant, expanding Philippine economy.
We look forward to expanding our business relationship with Philippine Airlines so we can continue to serve our passengers even better.”
- February 4, 2019
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