Phillippine Airlines majority shareholder Lucio Tan Group has confirmed plans to exit the airline by the end of this year.
Philippine Airlines President and COO Ramon Ang stated that an undisclosed foreign carrier is in the process of acquiring a shareholding in the airline.
Ang said: "A foreign company is about to come in and buy a stake.”
Ang did not disclose how much of the Lucio Tan Group's 51% stake the incoming carrier would acquire.