The president of Philippine Airlines has said a foreign airline is set to acquire a stake in the flag carrier, as majority-owner LT Group continues its exit from aviation.
The report in the Wall Street Journal said that Philippine Airlines President and Chief Operating Officer Ramon Ang declined to identify the foreign airline or say whether it would buy all or part of LT Group's 51% share. The report quoted Ang as saying the deal would be completed by the end of the year.
"A foreign company is about to come in and buy a stake," he was quoted as saying.
Japan’s ANA has been linked to a possible investment in PAL.