Philippine Airlines (PR, Manila Ninoy Aquino International) is looking to acquire a 49% stake in Cambodia Airlines (Phnom Penh) for USD10million. Cambodia Airlines is wholly owned by Inter Logistics (Cambodia) Co. Ltd, which is in turn 100% owned by the Royal Group of Cambodia (RGC) chairman, Neak Oknha Kith Meng. In a statement, PAL's Cecilia Pesayco said PAL would make a down payment of 10% (or USD1million) of the total acquisition cost subject to the fulfilment of the contract's closing conditions, set for July 15. The conditions include: the registration of PAL's investment in Cambodia Airlines as well as the procurement by Cambodia Airlines of all the necessary franchises, permits, and licenses to operate and maintain an airline company. Additionally, Cambodia Airlines should be a designated flag carrier entitled to traffic rights and slots under bilateral agreements between Cambodia and other countries. The balance of USD9million would be paid upon the call of the board of Cambodia Air. Once the deal is fully completed, PAL will purchase "16 to 22 aircraft" worth USD1.5 billion for Cambodia Airlines of which about eight to 10 would be deployed within the first year of its operations. It is estimated that the joint venture will boost PAL's revenues by "USD300million to USD400 million."