ANA Holdings to acquire 9.5% stake in PAL Holdings

29 January, 2019

All Nippon Airways parent ANA Holdings announced (29-Jan-2019) plans to invest USD95 million in PAL Holdings and acquire 9.5% of PAL's outstanding shares from Trustmark Holdings Corporation. The investment is in line with ANA's Mid-Term Corporate Strategy for FY2018-2022 to expand the group's international network, which "is considered its main growth pillar". ANA president and CEO Shinya Katanozaka said: "Asia is a key growth market and we believe Philippine Airlines is in an excellent operational position to capitalise on both the strong uptick in air traffic growth as well as the vibrant, expanding Philippine economy". [more - original PR]