LT Group looks at possibility of selling stake in PAL to 'investors,' not SMC

Approached by investors interested in buying a majority stake in Philippine Airlines (PAL), the LT Group is 'seriously' studying the matter.

 

However, its partner in the flag carrier, diversified conglomerate San Miguel Corporation (SMC), belied speculations it was buying out the LT Group in PAL.

 

In a disclosure late Monday, PAL Holdings Inc. said it was advised that the group of Lucio Tan was approached by investors to acquire its 51-percent stake in PHI and PAL. "The Lucio Tan's group is seriously looking into the proposal," it added. 
 

In a separate disclosure, SMC denied it is acquiring Lucio Tan's 51-percent holdings in Philippine Airlines.

 

"By way of response to the Exchange, we advise that the company is not acquiring the 51 percent  majority interest of the LT Group in Philippine Airlines (PAL) and PAL Holdings Inc. (PHI), respectively," the disclosure read.

 

The company added "it has been advised by the LT Group that it is in talks with a group of investors who have expressed an interest to purchase such majority interest of the LT Group in PAL and PHI."

 

In April 2012, SMC purchased a 49 percent minority stake in PHI and invested $500 million to revitalize PAL wholly-owned unit Air Philippines. — DOR/VS, GMA News