MANILA – PAL Holdings Inc on Friday said the parties involved in the $95-million (P4.9 billion) investment for shares in the holding firm of Philippine Airlines have agreed for Japan's ANA HD to nominate one director to its 9-seat board.
Japan's ANA HD, the parent company of All Nippon Airways, will acquire shares from the Trustmark Holdings of tycoon Lucio Tan, the largest shareholder of PAL Holdings.
The director nominated by ANA HD may be elected during the next stockholders’ meeting set in May, PAL Holdings said in a disclosure to the stock exchange.
“The company may well benefit from the business knowledge and experience of the ANA HD nominated director,” the statement said.
Firms involved are targeting to close the deal within the period of Feb. 28 to March 15, 2019.
PAL and ANA have code-shared flights between the Philippines and Japan.