Philippine Airlines (PAL) president Ramon S Ang has confirmed that the carrier’s investment in a joint venture Cambodian airline has been deferred due to the current political uncertainties in the country. Under the original terms of joint venture deal agreed last year, PAL was set to invest US$10 million for a 49% stake in Cambodia Airlines. The majority stake would be owned by Neak Oknha Kith Meng, who controls the Royal Group of Cambodia.
PAL abandons jv plans for Cambodian airline
Philippine Airlines (PAL) president Ramon S Ang has confirmed that the carrier’s investment in a joint venture Cambodian airline has been deferred due to the current political uncertainties in the country. Under the original terms of joint venture deal agreed last year, PAL was set to invest US$10 million for a 49% stake in Cambodia Airlines. The majority stake would be owned by Neak Oknha Kith Meng, who controls the Royal Group of Cambodia.