TOKYO — ANA plans to acquire a 10% stake in PAL Holdings, the parent company of Philippine Airlines, in a deal valued at 10 billion yen ($91 million). The investment in the Philippines’ largest carrier would follow ANA’s acquisition of an 8.8% stake in Vietnam Airlines in 2016 as the Japanese airline moves to gain footholds in faster-growing markets. ANA seeks to cater to the rising number of Southeast Asian business people and tourists visiting Japan.
An investment from ANA would be a boost to Philippine Airlines’ bid to become a five-star global airline by 2020. The carrier recently launched nonstop flights to New York and resumed flights to India.