PAL clarifies ‘for sale’ report
MANILA, Philippines—Philippine Airlines (PAL) has clarified reports quoting its chairman, taipan Lucio Tan, hinting at the entry of new shareholders that could spell a change in control of the storied flag carrier.
The company said Tan’s statements, reported by various newspapers during the weekend, might have been taken out of context. Tan was reported to have said that PAL was for sale “at the right price.”
“Our chairman’s statement about selling the flag carrier was merely a one-liner—a rhetorical response to questions,” PAL vice president for corporate communications Joey de Guzman said.
“PAL management is not aware that Mr. Tan is selling any of his shares and what is deemed the ‘right price’. Normally, a response of this nature cannot be taken on its face value. It could be subject to various interpretations,” he said.
He described Tan’s statement as “off the cuff” and that a decision to sell PAL, if any is made, was not conditioned on its price.
“He didn’t say when he wants to sell, how much of his shares he will let go, to whom it will be sold or what the ‘right price’ is. Clearly, it’s not simply about what he said, but what he didn’t say,” De Guzman said.
Tan was reacting to rumors that he and other members of his family were in negotiations with two groups—diversifying conglomerate San Miguel Corp. and its corporate rival, the group of Manuel V. Pangilinan.
Tan, one of the country’s richest men, was quoted to have said that both Pangilinan and San Miguel president Ramon S. Ang were his “friends.” But De Guzman said this statement was erroneously interpreted to mean that Tan was in negotiations with either group.
“It’s easy for media and other parties to draw conclusions from Mr. Tan’s one-line remark, but we believe that talks of any sale are speculative at best,” De Guzman said.
San Miguel has confirmed that it had been invited by PAL to “participate” in the airline’s expansion and refleeting program. The Pangilinan group, however, has been mum on the matter.—Paolo G. Montecillo
Originally posted: 4:08 pm | Tuesday, January 24th, 2012
