San Miguel Corp (SMC) announced that they are conducting preliminary talks with Japan's All Nippon Airways (ANA) regarding a possible partnership for Philippine Airlines (PAL).
San Miguel said in a disclosure before the Philippine Stock Exchange, ""We advise that there have been preliminary discussions with All Nippon Airways on Philippine Airlines Inc."
SMC and PAL President, Ramon Ang, confirmed the news regarding interest expressed by foreign airlines for possible investment in PAL. Ang also mentioned that SMC was open for possible partnerships with other airline companies.
An investing foreign airline can buy up to 40 percent of shares for PAL based on the existing constitutional restriction on foreign ownership in key industries.
PAL is the official flag carrier of the Philippines.
Japan's ANA is one of the largest in the region and is the biggest in terms of passenger volume.
Emirates is one of the leading carriers globally and is largest airline company in the Middle East.
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