The group of business tycoon Lucio Tan is “seriously looking into the proposal” of two interested investors offering to acquire his 51-percent stake in Philippine Airlines Inc. (PAL), the airline’s top official said.
Ramon Ang, PAL president, told reporters that LT Group is in talks with two groups and is still looking for “fresh deals” before selling its stake in PAL and PAL Holdings Inc., respectively.
“I think they [LT Group] just received a good offer and they are evaluating it,” he said.
Ang also said that if these investors are “strategically good partner,” PAL won’t make objections and welcome them into the company.
“Kung friendly ’yung bibili at strategically good partner, tama na ’yun [If the investors are friendly and they are strategically good partner, then that’s enough]. We can live with that.
And if the other party that is stepping into their shoes can contribute to the company, that would be okay,” he said.
“Hypothetically, if the offerer is an airline company, or a good airline company, then we shouldn’t have any objection. Now if the offerer is somebody will not be able to help us or not promote the business, maybe, we can look for another replacement,” Ang further said.
The PAL official said that if the investors are good airline firms, they may jointly manage the firm with them.
He further mentioned that there is “no disagreement” between Tan’s group and them.
On Monday, SMC denied the rumors that were reported in other newspapers that SMC is buying out the 51-percent stake of Tan in flag carrier PAL.
SMC reiterated that it is not going to acquire the 51-percent majority interest of the LT
Group, the holding company of Tan’s business empire, in PAL and PAL Holdings, respectively.
Meanwhile, Ang said that PAL Holdings will definitely comply with the local bourse’ 10-percent minimum public ownership rule before the June 30 deadline. PAL Holdings is still at risk of being delisted from the Philippine Stock Exchange because it remains noncompliant with the public float rule.