Lucio Tan willing to sell 40-60% stake in PAL

MANILA, Philippines - Taipan Lucio Tan is still willing to sell anywhere from 40 to 60 percent in flag carrier Philippine Airlines to a strategic partner that would provide the airline with aviation fuel.

This was revealed yesterday night by Tan on the sidelines of the Bangko Sentral ng Pilipinas’ annual Banker’s Night at the BSP compound along Roxas Boulevard.

According to Tan, he is currently in talks with a potential investor that would provide PAL with “oil” and that he is willing to sell “between 40 percent to 60 percent” in PAL.

He indicated that negotiations could possibly be completed this year. He also hinted that the potential investor/partner is from the Middle East.

Tan’s group recently reacquired PAL from Ramon Ang following disagreement over the re-fleeting strategy of the airline.

Jaime Bautista, current president of PAL, admitted this week that PAL is deferring some of the earlier aircraft orders made by Ang.

Likewise, PAL has also decided not to implement the reopening of additional air routes, and instead focus on its high-traffic destinations. – Marianne Go