Philippine Airlines could close a deal to sell up to 40% of the carrier to a foreign strategic investor within the first half of the year.
“We’re targeting first half of this year… up to 40% stake, that’s the maximum we can offer. As per the law, foreigners can own only up to 40%,” the carrier’s president and chief operating officer Jaime Bautista told the Philippine media on 9 January.
In a stock exchange disclosure, PAL clarifies that it has yet to reach any definitive agreement with parties that have signified interests. It adds that it has “always been receptive to possible strategic investor participation” and hence continues to review and considers proposals from various interested parties.
PAL has for years been trying to secure a strategic investor to help with its next stage of growth. Bautista has however said that things have progressed slower due to the challenging operating environment.
The carrier is launching new services from Manila to Hanoi and Phnom Penh, and will resume a service to New Delhi in the first half of the year. It is targeting to carry 19 million passengers in 2019, 12% higher than last year.