PAL Holdings Inc. said it expects to complete the entry of Japan’s ANA Holdings Inc. in Philippine Airlines by March 15 this year.
PAL Holdings said in a disclosure to the stock exchange the company and ANA were expecting to close the transaction between Feb. 28 and March 15, subject to the completion of their respective internal procedures.
“For this purpose, the parties have engaged PNB Securities to apply for a special block sale with the PSE. As soon as the transaction shall have been crossed with the exchange, the parties shall file the necessary reports to the PSE and the Securities and Exchange Commission,” PAL Holdings said.
ANA HD, the Japanese parent company of All Nippon Airways, is investing $95 million for a 9.5-percent stake in PAL Holdings.
ANA HD would acquire the shares from Trustmark Holdings Corp. which is owned by the family of billionaire Lucio Tan and is the largest shareholder of PAL Holdings. This will increase foreign ownership in the company from 8.77 percent to 18.27 percent. Darwin G. Amojelar