ANA Holdings takes 9.5pc stake in Philippine AirlinesBusiness | 8 Feb 2019 8:41 pm
The parent company of All Nippon Airways will invest in the operator of Philippine Airlines to take advantage of growing demand for travel in Asia.
Japan's ANA Holdings said today that it plans to acquire a 9.5 percent stake in PAL Holdings. The transaction will cost about 95 million dollars and is to be completed by the end of March.
ANA and Philippine Airlines already jointly operate international flights between Japan and Philippines, NHK reports.
They will add code-sharing on domestic routes in both countries under the new capital alliance.
ANA Holdings president and chief executive Shinya Katanozaka said the number of travelers from the Philippines to Japan has increased five-fold in the past five years. He added that the Philippines is a market with huge potential.
ANA's rival, Japan Airlines, launched flights between Tokyo's Haneda airport and Manila earlier this month as part of its efforts to expand its Asian network.