All Nippon Airways, Japan’s biggest airline, is considering purchasing 10 percent of Philippine Airlines for 10 billion yen ($91 million), the Nikkei reported Tuesday.

PAL Holdings, which owns most of Philippine Airlines, rose as much as 33 percent in Manila trading Wednesday, the biggest intraday gain since July 2016.

Philippine Airlines remains in talks with potential investors and a deal may happen in the first half of the year, PAL president Jaime Bautista said by phone, adding he could neither confirm nor deny the report, citing confidentiality agreements signed with parties.

All Nippon Airways didn’t immediately respond to an email seeking comment.

An investment in PAL, controlled by billionaire Lucio Tan, would provide Philippine Airlines with funds to expand in a market where a rash of low-cost carriers have encouraged more people to fly for business and leisure in the past decade. All Nippon Airways has been looking to enhance its footprint in the region after decades of near duopoly in Japan, where an aging population threatens to reduce the number of air travelers.

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Photo Credit: An All Nippon Airways aircraft at Narita airport in Japan. The carrier is reportedly considering purchasing a stake in Philippine Airlines. Akio Kon / Bloomberg