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Philippine Airlines may acquire stakes in Cambodia Airlines

by Richa G 17. June 2013 11:56

Philippine Airlines recently indicated that it is planning to acquire a 49 percent stake in Cambodia Airlines. The airline is expected to pay an estimated $10 million to acquire planned stakes in Cambodia Airlines.

Media reports quoted a top official of Philippine Airlines as saying that the airline would be making a down payment of 10 percent (or $1 million) of the total acquisition cost. However, this is subject to the fulfilling of the terms and conditions of the contract, set for July 15, 2013.

The reports further quoted the official of Philippine Airlines as saying that the airline would be paying the remaining balance of $9 million upon the call of the board of Cambodia Airlines after the deal is finally completed.

Philippine Airlines also stated that once its deal with Cambodia Airlines is completed it would be purchasing 16 to 22 aircrafts worth $1.5 billion for Cambodia Airlines. The airline would be deploying 8 to 10 aircrafts to operate flights during the first year of its operation.

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