PAL says ‘no definite’ deal with any investor

PAL Holdings Inc., the parent company of Philippines Airlines Inc., on Wednesday maintained it has always been open to new investors, amid reports that Japan’s biggest airline intends to buy into the flag carrier.

“Please be informed that as mentioned previously, PAL has always been open to the possibility of a strategic investor,” the company said in a regulatory filing submitted by corporate secretary Ma. Cecilia Pesayco.

“As of date, there is no definite agreement between PAL and any investor,” the airline said.

Reports have it that ANA Holdings’ All Nippon Airways (ANA) is now finalizing a deal with PAL.

As early as 2014, the airline has been looking for a strategic investor to strengthen its operations.

San Miguel Corp., the country’s most diversified conglomerate, divested its stake in PAL earlier in 2014.

Looking ahead, the airline said it will push through plans to be a five-star airline by 2020.

“PAL plans to establish itself as a world-class airline, but said goal does not necessarily involve the entry of any investor,” it said.

“In 2018, PAL has improved its rating internationally even without the support of an investor.”

PAL received a 4-Star from air transport rating organization Skytrax in February 2018, the first and only local airline to have bagged such award.