Philippine Airlines seeks San Miguel Corp.’s help to finance modernization plan

GMA News Online reports that conglomerate San Miguel Corp. (SMC) confirmed that it was in "talks with Tan’s Philippine Airlines (PAL) Holdings Inc., owner of Asia’s oldest airline" to explore the possibility of of "assisting in the flag carrier’s refleeting and modernization plans." However, SMC said "no agreement has been forged yet."

GMA News Online reports that conglomerate San Miguel Corp. (SMC) confirmed that it was in "talks with Tan’s Philippine Airlines (PAL) Holdings Inc., owner of Asia’s oldest airline" to explore the possibility of of  "assisting in the flag carrier’s refleeting and modernization plans." However, SMC said "no agreement has been forged yet."

 

According to GMA News Online, "Media reports said SMC president Ramon Ang was conducting due diligence on PAL." The report noted that PAL "has been facing a labor crisis in recent months after some workers walked out of their jobs to protest the carrier’s plan to outsource airport services, catering and call center operations." The report also added: "In August, PAL president Jaime Bautista said the carrier needed to refleet to stay competitive."

 

SMC, which has a market value of $6.3 billion, "expects its revenue and operating profit to grow by double digits in 2012."

 

For more on this story, log on to GMA News Online.

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