Japanese airline All Nippon Airways (ANA) has agreed to invest US$95 million in Philippine Airlines (PAL) to acquire a 9.5 per cent stake in the Philippine flag carrier.
ANA operates 14 flights weekly on two routes to the Philippines and PAL operates 84 flights weekly on nine routes to Japan. The two carriers have codeshare operations on Japan-Philippine routes and domestic routes within both countries, linking a total of 16 Japanese and 11 Philippine destinations.
ANA says in a statement that its parent company, ANA Holdings (ANA HD), will make the investment into PAL Holdings, the parent of airline PAL.
“This purchase underscores ANA HD’s belief in the dynamism of the Asian region and the great potential of the Philippines’ multi-awarded flag carrier and its confidence that the Philippine air travel market will continue to serve as an economic leader for the Asean region,” ANA said in a statement.
Shinya Katanozaka, president and CEO of ANA Holdings, said: “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.”
In January 2016, ANA purchased an 8.8 per cent stake in Vietnam Airlines.
Business Traveller Asia-Pacific reported in October 2017 that members of ANA’s Mileage Club were to be able to accrue miles on Vietnam Airlines’ flights from Hanoi to Siem Reap and from Siem Reap to Ho Chi Minh City, as part of an expansion of codeshare services between the two carriers.