Thursday, May 9, 2013
PAL, Cambodian partner to spend $1.5-B for new planes
MANILA, Philippines – Newly minted partners Philippine Airlines (PAL) and a Cambodian businessman will spend $1.5 billion to acquire new aircraft for Cambodia Airlines, a new international carrier.
PAL's part-owner San Miguel Corp and Cambodia Airlines will acquire 16 to 22 new aircraft to be used for a code-sharing agreement where the new carrier will be operating the flights.
“We are starting to deploy 16 to 22 aircraft immediately once it's ready to fly,” PAL president and COO Ramon Ang said on the sidelines of Ginebra San Miguel Inc's stockholders meeting on Thursday, May 9.
The code-sharing agreement will cover both short and long haul destinations.
PAL recently announced its partnership with Cambodia's Royal Group of Companies headed by business tycoon Okha Kith Meng to launch a new international airline called Cambodia Airlines.
PAL has invested a minority stake (49%) in the new airline. - Rappler.com