All Nippon Airways and PAL Holdings officially announced on Tuesday, January 29, 2019, the acquisition of the Japanese airlines acquiring 9.5% of PAL Holdings.
Philippine Airlines immediately released a press release disclosure about the news.
We just received advise that ANA Holdings, Inc. (“ANA HD”), parent company of All Nippon Airways (“ANA”) has entered into an Agreement with Trustmark Holdings Corporation, the majority shareholder of PAL Holdings, Inc. (“PAL Holdings”), pursuant to which ANA HD will acquire 9.5% of the outstanding shares of PAL Holdings for US$ 95 Millon. PAL Holdings is the parent company of Philippine Airlines, Inc. (“PAL”) and Air Philippines Corporation (“PAL Express”).
PAL Holdings stock (PSE:PAL) surges last January 23 after the initial news was leaked.