Delays continue to constrain launch of Cambodia Airlines
For Cambodians aspiring to a career in aviation, this weekend looks promising. Almost seven months after its formal establishment, Cambodia Airlines is hosting a career fair in Phnom Penh.
The airline is moving forward by looking for staff – from captains, first officers and cabin crew to reservations agents, marketing officers and cashiers. …
A joint venture to get the airline off the ground has been delayed on two separate occasions, along with the time period for the maiden flights. New deadlines haven’t been made public. …
It’s “the $64 million question”, David Pearson, group controller of the Royal Group, the airline’s majority stakeholder, said in an interview. “We are . . . working for fourth quarter of this year.”
The Royal Group set up a firm called Cambodia Airlines more than 10 years ago but was still looking for a suitable partner. Negotiations began in 2012 with Philippines-based food, beverage and packaging giant San Miguel Corporation, which had already bought a 49 per cent stake in the loss-making Philippine Airlines for $500 million.
According to a statement on the Philippine Stock Exchange in May, Philippine Airlines would invest $10 million for a 49 per cent stake in Cambodia Airlines, with the first $1 million due on the closing date, July 15. The other 51 per cent would be owned by Inter Logistics (Cambodia), which is controlled by Royal Group of Companies chairman Kith Meng, the statement said.
But a statement to the same stock exchange in August said that the closing date for the completion of the joint venture had been moved to October 15. …
Anne Renzenbrink
http://www.phnompenhpost.com/business/delays-continue-constrain-launch-cambodia-airlines
