PAL shareholder San Miguel to sell stake

admin
By admin July 30, 2014 11:59

PAL shareholder San Miguel to sell stake

Philippine Airlines minority shareholder, San Miguel Corp, has confirmed it is in talks with majority shareholder Lucio Tan Group, concerning the possible re-sale of its 49% stake back to Lucio Tan.

San Miguel acquired its stake in Trustmark Holdings from Lucio Tan for $500million in 2012. Trustmark controls 90% of Philippine Airlines.

San Miguel stated that “we advise that the company and the Dr. Lucio Tan Group are in discussions with respect to their equity stakes in PAL Holdings Inc, Philippine Airlines Inc. and Air Philippines Corporation, respectively. An appropriate disclosure shall be made in the event a definite agreement is concluded by the parties.”

admin
By admin July 30, 2014 11:59