PAL not involved in negotiations with SMC, says airline president

MANILA, Philippines–Philippine Airlines (PAL) on Friday said the airline management is not involved directly or indirectly in any talks for the sale of PAL shares to third parties like San Miguel Corporation (SMC).

In a statement, PAL president Jaime J. Bautista maintained that PAL or any of its officers are not privy to the reported talks between its principal shareholder Lucio Tan and SMC president Ramon Ang.

“There has been a lot of chatter about ongoing negotiations for the sale of PAL shares. But I want to make it clear that any talks or negotiations are just between Messrs. Tan and Ang. PAL management is definitely not part of it,” said Bautista.

He said PAL spokesperson Cielo Villaluna was misquoted in published reports confirming talks between PAL and SMC. “Ms. Villaluna said talks are definitely ongoing, but didn’t say it was between PAL and SMC. She must have been referring to published reports about ongoing negotiations between Mr. Ang and our principal shareholder,” said Bautista.

He stressed that PAL is separate and distinct from its individual shareholders.