Cambodian, Phl conglomerate sign deal to establish new airline
Cambodia Airlines, a majority-owned Cambodian company, and San Miguel Corp., the Philippines' most diversified conglomerate, on Tuesday signed a joint venture agreement to set up a Cambodia-based airline - Cambodia Airlines - to service domestic and regional flights. The agreement was inked between Cambodian tycoon Kith Meng, president of Cambodia Airlines, and Ramon S. Ang, president of San Miguel Corporation and Philippine Airlines, under the presence of Cambodian Deputy Prime Minister and Cabinet Minister Sok An. ... Under the agreement, Kith Meng will have a 51-percent controlling share in the joint venture, while San Miguel Corporation will hold the remaining 49 percent stake. ...
