MANILA -- Japan's largest airline, ANA will invest $95 million (P4.9 billion) in the holding firm of Philippine Airlines for a 9.5-percent stake in the Filipino carrier, PAL said Tuesday.
The holding firm of All Nippon Airways, ANA HD, will acquire shares from the Trustmark Holdings of tycoon Lucio Tan, the largest shareholder of PAL holdings, according to the statement.
The Filipino flag carrier has been looking for a strategic investor to help it expand after it secured a 4 star rating from industry group Skytrax.
"This purchase underscores ANA HD’s belief in the dynamism of the Asian region and the great potential of the Philippines’ multi-awarded flag carrier and its confidence that the Philippine air travel market will continue to serve as an economic leader for the ASEAN region," according to the statement.
PAL and ANA have code-shared flights between the Philippines and Japan.
Earlier this month, PAL said it would start flights to Phnom Penh, Hanoi and New Delhi.