Tycoon Lucio Tan may sell his majority stake in Philippine Airlines, the country’s national carrier, after investors approached the company with an offer.
Tan owns a 51% stake in Philippine Airlines and its parent, PAL Holdings, which confirmed on Tuesday that investors had approached the tycoon's group with an interest in buying a 51% stake in both PAL Holdings and Philippine Airlines.
“Lucio Tan’s group is seriously looking into the proposal,” it said in a statement, in response to local media reports about the potential sale, without elaborating.
One report, cited in the statement, said that Ramon Ang’s San Miguel Corp SMC has entered...