PAL to complete investment in Cambodia Air in July

PAL Holdings Inc., operator of flag carrier Philippine Airlines Inc., said Monday it expects to complete a $10-million investment in Cambodia Air by July 15 this year. PAL teamed up with Royal Group of Cambodia in April to establish its first international airline venture known as Cambodia Airlines. PAL, under the agreement, will own a 49-percent stake in Cambodia Airlines, while RGC headed by chairman Neak Oknha Kith Meng will hold 51 percent. Inter Logistics (Cambodia) Co. Ltd. owns 100 percent of Cambodia Air, while PAL is a joint venture between San Miguel Corp. and tycoon Lucio Tan. PAL Holdings said the initial investment in Cambodia Air would amount to $10 million for the 49-percent interest in the company, with the 10 percent down payment to be paid on July 15 and the balance upon call of the board of directors of Cambodia Air.