Philippine Airlines (PR, Manila Ninoy Aquino International) minority shareholder, San Miguel Corp, says it will make a decision in the next two weeks on whether to sell its 49% stake in the airline to majority shareholder, Lucio Tan, or buy Tan's 51% shareholding.
Tan has stated in the past that he is looking to raise USD1.1billion in liquidity to acquire San Miguel's stake in Trustmark Holdings Corp. Trustmark owns 97.71% of PAL Holdings which in turn owns 84.67% of Philippine Airlines through PR Holdings Inc.
"In two weeks, something will happen for sure...in two weeks, we will know the outcome," San Miguel President and Chief Operating Officer, Ramon Ang, told Reuters. "If ever we exit, we have many existing businesses. If ever, I will concentrate more on our food business," he said.
While Lucio Tan owns 51 percent of the holding company, managerial control of the airline rests with San Miguel.
