New Cambodia Airlines to take off in October

PP airportThe planned joint venture between Philippine Airlines and Royal Group of Cambodia to revive Cambodia Airlines Co.  Ltd. has been postponed for 3 months and is set to be completed by October 2013, local media reported.

The closing date of the deal has been originally envisaged for July 15, but there were delays in negotiations and in obtaining the necessary permits.

Philippine Airlines has committed to invest $10 million in the joint venture and will receive a 49 per cent stake in Cambodia Airlines. The Manila-based airline is supposed to make a down payment of 10 per cent or $1 million of the total acquisition cost on closing, while the balance of $9 million would be paid upon the call of the board of Cambodia Airlines.

The investment represents Philippine Airlines’ first international airline venture. Operations between Manila and Phnom Penh is expected to start later in 2013, while other international flights are to follow. Cambodia Airlines’ fleet currently consists of 2 leased Airbus A321 for international flights and 2 Bombardier Dash 8 for local flights.

Cambodia Airlines, which was originally founded in 1997 but ceased operations in 2005, will have to compete with Cambodia Angkor Air and Tonlesap Airlines.



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The planned joint venture between Philippine Airlines and Royal Group of Cambodia to revive Cambodia Airlines Co.  Ltd. has been postponed for 3 months and is set to be completed by October 2013, local media reported. The closing date of the deal has been originally envisaged for July 15, but there were delays in negotiations and in obtaining the necessary permits. Philippine Airlines has committed to invest $10 million in the joint venture and will receive a 49 per cent stake in Cambodia Airlines. The Manila-based airline is supposed to make a down payment of 10 per cent or $1...

PP airportThe planned joint venture between Philippine Airlines and Royal Group of Cambodia to revive Cambodia Airlines Co.  Ltd. has been postponed for 3 months and is set to be completed by October 2013, local media reported.

The closing date of the deal has been originally envisaged for July 15, but there were delays in negotiations and in obtaining the necessary permits.

Philippine Airlines has committed to invest $10 million in the joint venture and will receive a 49 per cent stake in Cambodia Airlines. The Manila-based airline is supposed to make a down payment of 10 per cent or $1 million of the total acquisition cost on closing, while the balance of $9 million would be paid upon the call of the board of Cambodia Airlines.

The investment represents Philippine Airlines’ first international airline venture. Operations between Manila and Phnom Penh is expected to start later in 2013, while other international flights are to follow. Cambodia Airlines’ fleet currently consists of 2 leased Airbus A321 for international flights and 2 Bombardier Dash 8 for local flights.

Cambodia Airlines, which was originally founded in 1997 but ceased operations in 2005, will have to compete with Cambodia Angkor Air and Tonlesap Airlines.



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

 

 

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