The management of Philippine Airlines (PAL) today (04 April 2012) said it was officially informed of the entry of a new investor in the holding company that controls majority shares of the flag carrier.
PAL president Jaime J. Bautista welcomed the entry of San Miguel Corp. (SMC) saying its planned investment will help the flag carrier in its refleeting program and make the airline more viable and competitive. He said a stronger PAL augurs well for the company, its shareholders and employees.
The investment includes shares in PAL’s budget airline, Airphil Express.
“This development bodes well for the airline as one of the country’s fastest growing low-cost carriers. The expected infusion of fresh capital and planned acquisition of new fleet are expected to result in better service to the flying public and more secure jobs,” Lucio Tan, chairman of PAL Holdings, said.
“SMC’s entry should further boost efforts towards ensuring synergy between our two companies. With this mindset, I believe we are entering into a new and exciting phase in our corporate existence,” he added.
Photo from http://www.philippineairlines.com/about_pal/our_fleet/our_fleet.jsp
