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Ramon Ang: We're not buying Tan's 51 pct stake in PAL

Boeing 777-300ER of Philippine Airlines
arriving at Vancouver (RP-C7772)
(PHOTO) Nico Reonisto

(ABS-CBN News ChannelMANILA, Philippines - San Miguel Corp. president and chief operating officer Ramon Ang said the conglomerate is not talking with tycoon Lucio Tan to buy the latter's remaining stake in Philippine Airlines.

ANC reported that Ang denied a report, which quoted Tan as saying he is in talks with San Miguel for the sale of his 51% stake in the airline.

"We are not in talks to buy Lucio Tan's 51% stake in PAL," Ang said in a text message to ANC. San Miguel currently owns a 49% stake in the airline.

Earlier, The Philippine Star reported that Tan said he expects the negotiations for the sale to be completed “by early next year.”

Ang's denial has prompted speculation that Tan is in talks with a third party for the possible sale of his stake.

PAL Holdings, for its part, said it is not privy to any talks of its shareholder. - With report from Warren de Guzman, ANC

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