Based in Pasay City Manilla, PAL Express (formerly Airphil Express) operates a fleet that includes Airbus and Bombardier aircraft, flying to an extensive network of domestic destinations. PAL Express is part of the Lucio Tan Group and a sister airline of Philippine Airlines. PAL Holdings announced its board approved the acquisition of the shares of Zuma Holdings Management Corporation from existing shareholders through a share swap transaction. The board approved a share swap ratio of 19 PAL Holdings shares to one Zuma Holdings share. Zuma Holdings holds a 99.97% stake in PAL Express, and following the transaction PAL Holdings will indirectly own PAL Express as a subsidiary. PAL Holdings is proceeding with its acquisition programme after securing Philippine Competition Commission approval in Feb-2017.