ANA expands links to Southeast Asia with PAL investment

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.

Source: https://asia.nikkei.com/Business/Business-Deals/ANA-to-buy-10-stake-in-Philippine-Airlines-say-sources

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