Philippine Airlines said Wednesday it has yet to finalize a definite agreement with a new strategic investor.
“PAL has always been open to the possibility of a strategic investor. As of date, there is no definite agreement between PAL and any investor,” PAL Holdings Inc. told the stock exchange.
A report from Nikkei stated that ANA Holdings of Japan was set to acquire a 10-percent stake in PAL for $90 million. PAL has code share agreements with ANA over flights between the Philippines and Japan.
“PAL plans to establish itself as a world-class airline, but said goal does not necessarily involve the entry of any investor,” the Philippine flag carrier said.
PAL improved its rating internationally last year, even without the support of an investor.
PAL president and chief operating officer Jaime Bautista said earlier the company was expecting to close a deal with a strategic investor in the first half of the year.
PAL tapped Morgan Stanley as financial advisor for the transaction.
PAL Holdings earlier reported a net loss of P3.29 billion in January to September of 2018, wider than the P2.31 billion in losses in the same period in 2017.
Total revenues in January to September amounted to P112.07 billion, or 16 percent higher than P96.58 billion in the same period in 2017.