PAL to close Cambodia Air deal by Oct - via Philippine Star o Philippine Airlines (PAL), is set to complete the deal with Royal Group of Cambodia (RCG) to form Cambodia Airlines Co. Ltd. within the next two months. o Ma. Cecilia Pesayco, assistant corporate secretary of PAL’s parent firm PAL Holdings Inc., said the closing date of the completion of a joint venture with RCG’s Inter Logistics (Cambodia) Co. Ltd. (ILC) has been moved to Oct. 15. o The new closing date is three months longer than the original closing date target of July 15. o “We received today the notice from PAL informing us that the closing date for the completion of PAL’s joint venture with ILC has been moved to Oct. 15,” Pesayco told the Philippine Stock Exchange (PSE). o PAL is pumping in $10 million worth of equity for a 49 percent stake in Cambodia Airlines that is 100 percent owned by Inter Logistics (Cambodia) Co. Ltd. ILC is 100 percent owned by RGC chair Neak Oknha Kith Meng. o PAL is supposed to make a downpayment of 10 percent or $1 million of the total acquisition cost on the completion of closing conditions targeted last July 15 while the balance of $9 million would be paid upon the call of the board of Cambodia Air.
Posted on: Tue, 13 Aug 2013 04:00:49 +0000
Trending Topics
Recently Viewed Topics
© 2015