Philippine Airlines (PR, Manila Ninoy Aquino International (MNL)) is looking to acquire a 49% stake in Cambodia Airlines (Y6, Phnom Penh Pochentong International (PNH))
for USD10million. Cambodia Airlines is wholly owned by Inter Logistics
(Cambodia) Co. Ltd, which is in turn 100% owned by the Royal Group of
Cambodia (RGC) chairman, Neak Oknha Kith Meng. In a statement, PAL's
Cecilia Pesayco said PAL would make a down payment of 10% (or
USD1million) of the total acquisition cost subject to the fulfilment of
the contract's closing conditions, set for July 15. The conditions
include: the registration of PAL's investment in Cambodia Airlines as
well as the procurement by Cambodia Airlines of all the necessary
franchises, permits, and licenses to operate and maintain an airline
company. Additionally, Cambodia Airlines should be a designated flag
carrier entitled to traffic rights and slots under bilateral agreements
between Cambodia and other countries. The balance of USD9million would
be paid upon the call of the board of Cambodia Air. Once the deal is
fully completed, PAL will purchase "16 to 22 aircraft" worth USD1.5
billion for Cambodia Airlines of which about eight to 10 would be
deployed within the first year of its operations. It is estimated that
the joint venture will boost PAL's revenues by "USD300million to USD400
million."
1 comment:
now it is 2014
whether they've done?
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