San Miguel Corp. said on Monday that it is in talks with prospective foreign companies for strategic partnership with Philippine Airlines (PAL).
In a disclosure to the Philippine Stocks Exchange on Monday, the food conglomerate said that it is “in talks to bring in foreign firm as strategic partner in flag carrier Philippine Airlines and prospective partners includes Tokyo-based All Nippon [ANA] and Dubai-based Emirates Airline.”
There were reports saying that the partnership would be happening within this year.
In April 2012, Ramon Ang, president and chief operating officer of SMC and PAL, and Lucio Tan signed investment agreements that will result in the issuance of new shares to SMC for a stake in PAL and low-cost partner Air Philippines Corp. The transaction will help boost SMC’s revenues in the next years.