ANA to take 9.5% stake in PAL Holdings

All Nippon Airways parent company ANA Holdingswill take a 9.5% take in Philippine Airlines’ parent company PAL Holdings.The stake will be purchased from a unit of the Lucio Tan Group, which is the largest shareholder in the company, but is far smaller than the 40% that PAL has signalled could be offered to a strategic investor. ANA says that the investment in PAL reflects its “belief in the dynamism of the Asian region”, and will help to start a new era of growth at the Filipino carrier.Asia is a key growth market and we believe Philippine Airlines is in an excellent operational position to capitalise on both the strong uptick in air traffic growth as well as the vibrant, expanding Philippine economy,” says ANA president and chief executive Shinya Katanozaka.