PAL itself is an airline owned by Filipino billionaire Lucio Tan, who was forced to sell because it does not bear an increasingly bloated operating costs.
As quoted from page forbes.com, Tuesday, February 7, 2012, First Pacific CEO, Manny Pangilinan has submitted a bid of U.S. $ 700 million to buy the PAL and its subsidiary, Air Phil.
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| Anthoni Salim |
First Pacific earlier, had expressed interest in buying the management rights Airport (Airport) Manila. But the plan can only be done if the government intends to privatize the airport.
Forbes estimates that PAL acquire Pacific First step would require a large extra effort. The reason, Pangilinan is the chairman of PLDT, the largest telecommunications company in the Philippines. PLDT is also found in the ranks of the entrepreneur's name, John Gokongwei who was the third richest Filipinos in 2011.
Gokongwei currently controls Cebu Pacific, PAL to competitors of the domestic and regional routes in the Philippines.
This position led directly Gokongwei Pangilinan and First Pacific compete in submitting a bid for the PAL.
For information, Tan is the second richest Filipino with a fortune of U.S. $ 2.8 billion in Forbes 2011 list. Proceeds from sales of these airlines will be allocated to be invested in other businesses such as Eton Properties in Hong Kong and Fortune Tobacco.
Excerpted from the financial times.com, Anthony Salim is the Chairman of the board of directors of First Pacific Company Ltd. since June 2003. Previously, he served as director since 1981.
Anthony Salim was president and CEO of the Salim Group, PT Indofood Tbk, and PT Indoofood CBP Sukses Makmur. Forbes last year put Anthony Salim in the fifth richest man in Indonesia organg a treasure of U.S. $ 3.6 billion.