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25 January 2012
Mgmt clarifies Tan statement re PAL sale

The management of Philippine Airlines (PAL) today (24 January 2012) said PAL Chairman Lucio Tan's statement about selling the flag carrier "at the right price" was merely a one-liner, rhetorical response to questions fielded by reporters during an ambush interview over the weekend.

"PAL management is not aware that Mr. Tan is selling any of his shares and what is deemed the 'right price'. Normally, a response of this nature cannot be taken on its face value. It could be subject to various interpretations," said Joey de Guzman, PAL VP for Corporate Communications.

He noted that Tan's off-the-cuff remark on his alleged willingness to sell was conditioned on price. "He didn't say when he wants to sell, how much of his shares he will let go, to whom it will be sold or what the 'right price' is. Clearly, it's not simply about what he said, but what he didn't say," he stressed.

While Tan said he considers Ramon Ang of San Miguel Corporation and Manuel Pangilinan of Metro Pacific as his "friends", the PAL chairman never said he was negotiating with them, he added.

"It's easy for media and other parties to draw conclusions from Mr. Tan's one-line remark, but we believe that talks of any sale are speculative at best," he stressed.

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