PAL mgm't not involved in sale talks

By Mary Ann Ll. Reyes 
(The Philippine Star) 
Updated February 25, 2012 12:00 AM

MANILA, Philippines - Flag carrier Philippine Airlines (PAL) said yesterday that the airline management is not involved, directly or indirectly, in any talks for the sale of PAL shares to third parties like San Miguel Corp. (SMC).

In a statement, PAL president Jaime Bautista maintained that PAL or any of its officers are not privy to the reported talks between its principal shareholders and the SMC Group.

“There has been a lot of chatter about ongoing negotiations for the sale of PAL shares. But I want to make it clear that any talks or negotiations are just between our principal shareholders and the SMC Group. PAL management is definitely not part of it,” said Bautista.

He said PAL spokesperson Cielo Villaluna was misquoted in published reports confirming talks between PAL and SMC. “Ms. Villaluna said talks are definitely ongoing, but didn’t say it was between PAL and SMC. She must have been referring to published reports about ongoing negotiations between shareholders of the two companies,” Bautista said.

He stressed that PAL is separate and distinct from its individual shareholders.

Tan earlier confirmed there are negotiations with SMC president Ramon Ang for possible investments in the ailing flag carrier.

It has been reported that SMC may end up acquiring over 40 percent of PAL, with Tan’s group still retaining control.

Earlier, SMC said that it was invited by Tan to participate and assist in the refleeting and modernization of PAL’s aircraft in preparation for the projected heavy influx of tourists in the coming years.