PAL delays investment in Cambodia Airlines

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Philippine Airlines (PAL) has, for a second time, missed the deadline for its planned investment in Cambodia Airlines.

The flag carrier was initially due to make a downpayment of $1 million in the Cambodian carrier by 15 July, but the date was later pushed back to 15 October.

In a statement to the Philippine Stock Exchange, PAL confirms that the transaction has again been delayed, this time because of the recent elections in Cambodia. It did not say when the deal is expected to close.

In May, PAL announced its intention to acquire a 49% stake in Cambodia Airlines through a joint venture transaction with Cambodian firm Inter Logistics, which owns 100% of Cambodia Airlines. It plans to deploy between 16 and 22 aircraft to the fleet of the new joint venture carrier, which will compete against Vietnam Airlines-backed carrier Cambodia Angkor Air.