Philippine Airlines (PR, Manila Ninoy Aquino International) majority shareholder, Lucio Tan Group, has confirmed plans to exit the airline by the end of this year. Confirming the move in an interview with The Wall Street Journal, Philippine Airlines President and Chief Operating Officer, Ramon Ang, also revealed that an undisclosed foreign carrier is in the process of acquiring a shareholding in the airline.
"A foreign company is about to come in and buy a stake," Ang said.
He did not disclose how much of the Lucio Tan Group's 51% stake the carrier would acquire however.
During 2013, it was rumoured that ANA - All Nippon Airways (NH, Tokyo Haneda) was on the cusp of acquiring a shareholding in the Filipino carrier only for talks to cool in the latter part of the year.
