Lucio Tan To Sell Philippine Airlines

Thu Feb 13, 2003 3:33 pm

Philippine Airlines' biggest share-holder and Chairman (I think) Lucio Tan is planning to sell his share in the airline. (You can say he's selling his airline since he owns 90% of the airline)

The source said Tan is so determined to sell the airline that he has offered to pay a 3% sales commission to anyone who can facilitate the purchase.

The source declined to reveal Tan's asking price, but said any interested party will be allowed to perform due diligence to verify the airline's true value.

Tan was in talks with Lufthansa, EVA Air, Singapore Airlines for selling PAL to them.

Lucio Tan involved in PAL's management in mid-90s. His fast expansion plan with speedy fleet replacement caused the airline collapsed in 1998 for 2 weeks.

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Joined: Wed Aug 07, 2002 2:27 pm

RE: Lucio Tan To Sell Philippine Airlines

Fri Feb 14, 2003 11:45 am

Well if those airlines are interested. I hope Singapore Airlines wins! Big grin Although Lufthansa might want to buy the stake as Lufthansa Technik has a A330 overhauling station in Manila

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