ANA Holdings, the parent company of All Nippon Airways, is reportedly considering a 10% stake in PAL Holdings, the parent company of Philippine Airlines, according to media sources in Southeast Asia. The potential deal is estimated to be valued at $91m.
Following the reports, PAL Holdings’ stock has risen more than 30% on the Philippine Stock Exchange. Neither party have yet to confirm a possible agreement.
Aside from the prospective investment in PAL, ANA has committed itself to several investments in other regional airlines, such as the 8.8% stake it secured with Vietnam Airlines back in 2016.
PAL and ANA have an ongoing codeshare agreement over flights travelling between the Philippines and Japan.
As the national flag carrier of the Philippines, PAL recently expanded its fleet with the addition of a number of Airbus A350 and 321neo jets and recently launched flights to New York in the USA. The carrier is set to launch new flights to Hanoi, New Delhi and Phnom Penh in the coming months.
An estimated 17 million passengers were reported to have travelled with the airline over 2018.