Philippine Airlines (PR, Manila Ninoy Aquino International) president Jaime Bautista says the airline's board would consider selling as much as 40% of PAL's shareholding to a foreign investor should a suitable one be found. With management currently reviewing its business strategy after Lucio Tan bought out 49% shareholder San Miguel Corp for USD1.1billion, Bautista told the Interaksyon newspaper that a new investor could be found within the next three years.
"I think personally, I would like to have a strategic investor in the next three years. There are names that we are looking at, but we are not at liberty," Bautista said, adding that the flag carrier may sell up to 40 percent to the new investor. "We have no preference for what is the location of the operator, but I would prefer an airline with more destinations so we can expand our presence in other destinations."
ANA - All Nippon Airways (NH, Tokyo Haneda) was confirmed as a possible partner last year though talks there are understood to have cooled. Etihad Airways (EY, Abu Dhabi International), with which PAL has a longstanding partnership, has also been touted as a possible investor given its policy of acquiring stakes in foreign operators it deems suitable.
