ANA Holdings, parent company of All Nippon Airways (ANA) will be investing US$95 million dollars â€“ equivalent to 9.5 per cent of shares â€“ in Philippine Airlines’ (PAL) parent company, PAL Holdings.
The shares will be acquired from Trustmark Holdings, owned by the Lucio Tan family and the largest shareholder of PAL Holdings. Completion of the investment is subject to certain closing conditions.
Shinya Katanozaka, president and CEO of ANA Holdings, said: “Asia is a key growth market and we believe PAL is in an excellent operational position to capitalise on both the strong uptick in air traffic growth as well as the vibrant, expanding Philippine economy.”
This investment is in line with ANA Group’s mid-term corporate strategy for FY2018-2022, as it seeks to expand its international group network, and strengthen partnerships with foreign airlines.
This also marks ANA’s second investment in a South-east Asian airline, following its US$108 million stake in Vietnam Airlines in 2016.