ANA Holdings, the parent company of All Nippon
Airways, is to invest US$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
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.
Bautista, President of PAL Holdings and Philippine Airlines, said,
“We are honored and excited that a premier airline group such as
ANA HD has decided to purchase shares in PAL Holdings. The
Philippines and Japan have a long-standing relationship with
complementary strengths. This week, in fact, 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
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
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.”
Completion of the investment is subject to
certain closing conditions.