PAL expects Cambodia Air deal to push through
Flag carrier Philippine Airlines (PAL) expects no more delays in the completion of the deal with Royal Group of Cambodia (RCG) to form Cambodia Airlines Co. Ltd. ... Yes, it should be done,” said PAL President Ramon Ang in a text message, when asked if the closing date for the transaction with RCG will take place on October 15 as earlier announced. The original target date for PAL to complete a joint venture with Cambodia’s Inter Logistics (Cambodia) Co. Ltd. (ILC) was on July 15. PAL is pouring $10 million for a 49-percent stake in Cambodia Airlines, which is 100-percent owned by ILC. ILC is owned by RGC’s Neak Oknha Kith Meng. PAL was supposed to make a down payment of $1 million of the total acquisition cost on the completion of closing conditions targeted on July 15. The balance of $9 million will be paid upon the call of the board of Cambodia Air. Among the closing conditions include the registration of the investment of PAL in Cambodia Air; and procurement by Cambodia Air of all the necessary franchises, permits, and licenses to operate and maintain an airline company. ...
Lenie Lectura
http://www.abs-cbnnews.com/business/09/26/13/pal-expects-cambodia-air-deal-push-through
