ANA HOLDINGS will invest US$95 million in PAL Holdings and acquire 9.5% of PAL Holding’s outstanding shares. PAL Holdings is the parent of Philippine Airlines (PAL), the Philippine flag carrier.
ANA HD will acquire the shares from Trustmark Holdings Corporation, which is owned by the Lucio Tan family and is the largest shareholder of PAL Holdings.
In line with the Mid-Term Corporate Strategy for FY2018-2022, the ANA Group is expanding its international group network, which is considered its main growth pillar and strengthening its partnerships with foreign airlines to provide further convenience to its passengers.
This purchase underscores ANA HD’s belief in the dynamism of the Asian region and the great potential of the Philippines’ flag carrier and its confidence that the Philippine air travel market will continue to serve as an economic leader for the ASEAN region.
Additionally, the investment by ANA HD heralds the dawn of a new era of growth for PAL, which has embarked on a full-scale expansion program that has seen its fleet and network grow to almost 100 aircraft and 80 destinations in four continents.
