PAL not looking for more strategic investors after ANA deal

Philippine Airlines will not seek out any more strategic investors to take up stakes in the carrier after it sealed a deal for All Nippon Airways parent company ANA Holdings to take a 9.5% stake. PAL president and COO Jaime Bautista said that it will now look into securing more financial backing. "We can get some other financial investors by buying shares on the stock market. But as far as strategic investor is concerned, we are happy that ANA is now part of our corporate structure," he said at the formal signing ceremony Friday. ANA Holdings announced its $95m deal to take the minority stake PAL's parent company, PAL Holdings, on 29 January. The stake is smaller than the 40% that PAL has previously talked of offering to a strategic investor. Bautista added that PAL is keen to "enhance and improve" its codeshare and frequent flyer partnerships with ANA, and explore opportunities in the catering and ground handling businesses. The partnership could also allow PAL to start flights from secondary cities in the Philippines like Bohol, and Davao to Tokyo Narita. Bautista stressed that PAL will not rely on sending passengers to North America via ANA's Tokyo hub, and instead boost nonstop frequencies to its destinations in Canada and the United States.<br/>