PHILIPPINE Airlines (PAL) has moved to Oct. 15 the closing date for completing its US$10-million joint-venture deal to establish a national carrier for Cambodia.
The deal calls for PAL to acquire a49% stake in Cambodia Airlines Co. Ltd. from Inter Logistics (Cambodia) Co. Ltd., with the Philippine carrier making a 10% down payment on the closing date.
Inter Logistics is owned by Royal Group of Cambodia, chaired by Neak Okhna Kith Meng.
On April 25, PAL Holdings Inc., PAL’s parent, said its board approved the joint venture with Inter Logistics.
The date to complete the purchase was set for July 15 but that has been moved back one month.
PAL said it will deploy 16 to 22 aircraft worth $1.5 billion once the deal is fully completed. It said the deal will help the economic growth of Cambodia, a member of the Association of Southeast Asian Nations.
In earlier reports, PAL president Ramon Ang said the joint venture is estimated to boost PAL’s revenue by $300 million to $400 million.
Meanwhile, PAL has added the first Airbus wide-body aircraft to its fleet as the national flag carrier pursues its $7-billion major fleet modernization program.
PAL took delivery of an A321 aircraft, the first of 64 ordered in 2012, at ceremonies at the Airbus delivery center in Hamburg, Germany, on Aug. 6.
The aircraft is the first of 44 single-aisle A321s and 20 widebody A330s that PAL ordered for its fleet upgrade.
“The addition of the A321 to the PAL fleet reflects a general move towards larger aircraft types in all the various size categories – including the single aisle market,” said John Leahy, Airbus chief operating officer for customers.
The A321 joins an Airbus fleet at PAL that already includes 22 A320 family aircraft flying on domestic and regional routes, as well as nine in service with its budget subsidiary PAL Express.
PAL also operates eight wide-body A330s on higher-capacity routes across Asia and seven A340-300s on its longest services to the United States.
Following the introduction of the A321, PAL will take delivery of the first of its 20 new A330s in the third quarter of the year.
The carrier is adding four A340-300s to its fleet for deployment on new non-stop services to Europe scheduled to begin next month.
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