Philippine Airlines (PAL) has moved the closing date for its investment in Cambodia Airlines to mid-October.
The airline had originally planned to make a downpayment of $1 million in the carrier by 15 July, but has advised the Philippines Stock Exchange that this has been delayed to 15 October.
PAL will take a 49% stake in Cambodia Airlines for a total of $10 million through a joint venture transaction with parent company Inter Logistics. PAL’s board approved the investment on 25 April.
PAL has said previously that it intends to deploy between 16 and 22 aircraft to the fleet of the new Cambodian carrier, which will compete against Vietnam Airlines-backed carrier Cambodia Angkor Air.
Source: Air Transport Intelligence news
