Philippine billionaire Lucio Tan was approached by investors urging him to sell his controlling stake in Philippine Airlines Inc. The said investors also loomed Tan to sell his stake in PAL Holdings Inc. (PAL) after announcing his plans to exit the aviation industry. Tan was in the airline business for two decades.

In a stock exchange filing today, PAL stated that Tan is seriously looking at different proposals. Lucio Tan holds 51% of Philippine Airlines through firms including PAL Holdings Inc.

According to Jomar Lacson, analyst at Campos Lanuza & Co Manila, the sale may be a part of Tan's estate planning. The announcement was followed by a comment yesterday stated by San Miguel Corp. (SMC) that it is not buying Tan's holdings. SMC is the owner of 49% stake in Philippine Airlines.

SMC is the largest company by sales in the country. Still according to Lacson, the prospect buyer must be an investor that Tan and his company trust.