Lucio Tan to sell majority stake in PAL at the right price
January 23, 2012

 Top-level negotiations are ongoing regarding the sale of a majority stake in flag carrier Philippine Airlines, owner Lucio Tan told reporters in an interview over the weekend.

“If the price is good,” then he is selling, the business tycoon said on the sidelines of Bangko Sentral ng Pilipinas’ annual reception for bankers.

“Some of my friends” are interested in investing in PAL, including corporate tycoons Ramon Ang of San Miguel Corp. and Manuel Pangilinan of Philippine Long Distance Telephone Co., noted Tan, but declined to comment on specific talks with any of the parties involved.

In Malacañang on Monday, presidential spokesperson Edwin Lacierda told reporters that government welcomes such developments regarding PAL.

“We welcome the additional investment of whoever would like to buy PAL, because it would mean additional investments to the country,” Lacierda said.

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