San Miguel confirms talks to acquire Cayman Airways

ABS-CBN News

Posted at Nov 14 2012 03:56 PM | Updated as of Nov 14 2012 11:56 PM

MANILA, Philippines - Diversified conglomerate San Miguel Corp. on Wednesday has confirmed it is engaged in talks that may lead to a possible investment in Cayman Airways.

"We confirm that the Company is in talks with the Government of the Cayman Islands for a possible investment in Cayman Airways with the end in view of jointly pursuing potential areas of collaboration in aircraft operations," the firm said in a disclosure.

"An appropriate disclosure shall be made in the event the parties reach and conclude definitive agreement," San Miguel stressed.

The disclosure was issued after Philippine Star reported San Miguel has offered to acquire as much as 49% in Cayman Airways.

The Ramon Ang-led firm earlier this year acquired a 49% stake, along with management control, in flag carrier Philippine Airlines.

Ang has been quoted in various news reports that the carrier is looking at acquiring a regional carrier as expansion of flights to the US and parts of Europe continue to be impossible because of the Philippines' low rating from the US Federal Aviation Authority, European Union and the International Civil Aviation Organization.