P.M. BRIEFING : Philippine Airlines Seeks Buyer
The Philippine government wants to sell part of the national airline to a major foreign investor before listing the company’s shares on the local stock market.
Feliciano Belmonte, general manager of the Government Service Insurance System, which owns 75% of Philippine Airlines, told reporters he would like to see a foreign airline take equity in the national carrier.
He said he was scouting for a group that would buy into the airline but declined to name companies that have expressed interest.
Industry sources said British Airways is among them.
Belmonte said he expects the privatization of the airline by next year but gave no date for the public offer.
It is among about 300 government properties due for transfer to private hands under President Corazon Aquino’s privatization program.
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