Philippine Airlines (PR, Manila Ninoy Aquino International) minority shareholder, San Miguel Corp, has confirmed it is in talks with majority shareholder, Lucio Tan Group, concerning the possible re-sale of its 49% stake back to Lucio Tan. San Miguel acquired its stake in Trustmark Holdings Corp. from Lucio Tan for USD500million in 2012. Trustmark controls 90% of Philippine Airlines.
"We advise that the company and the Dr. Lucio Tan Group are in discussions with respect to their equity stakes in PAL Holdings Inc, Philippine Airlines Inc. and Air Philippines Corporation, respectively. An appropriate disclosure shall be made in the event a definite agreement is concluded by the parties," San Miguel said in a Philippine Stock Exchange filing on Monday.
Citing unnamed industry sources, the Philippine Daily Inquirer reported that San Miguel president, Ramon Ang, had agreed to sell back the conglomerate's interest as early as last year.
