Cambodia Airlines (Phnom Penh) has signed a joint venture agreement with Philippine Airlines (PR, Manila Ninoy Aquino International), giving rise to a rejuvenated Cambodian carrier of the same name. Cambodia Airlines had previously operated between 1997 and 2005 when it was fully owned by Royal Group of Cambodia (RGC). Under the agreement's shareholding terms, RGC will hold 51% with the Filipino carrier holding the rest. While no specific monetary value was placed on the deal, it is the largest known venture between the Philippines and Cambodia. Operationally, the carrier will compete with flag carrier Cambodia Angkor Air (K6, Siem Reap) on domestic and regional routes though no explicit network or equipment plans have been made public as yet. Cambodia Airlines is expected to closely cooperate with Philippine Airlines (PR, Manila Ninoy Aquino International).