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MANILA, Philippines – The parent of legacy carrier Philippine Airlines (PAL) is set to meet the 10% minimum public ownership requirement to skirt being delisted from the Philippine Stock Exchange (PSE).
In a disclosure to the PSE on Friday, March 8, PAL Holdings Inc. said its board has approved an increase in the company’s authorized capital stock by P7 billion to P30 billion so it could offer 2.415 billion more shares to the public.
The company said that the additional shares are still up for a stockholders approval in a meeting scheduled for March 15.
PAL Holdings was among the stocks that have slapped with trading suspension for failing to comply with the rule as of December 28, 2012, the deadline. Erring firms face trading suspension and higher transaction taxes.
The public owned only 2.3% of PAL Holdings by end-2012, way below the 10% minimum public float.
PAL Holdings reduced its losses in the first 9 months of the fiscal year by 24%. PAL’s losses went from P3.59 billion P2.74 billon on the back of the stronger peso.
“By next year, PAL will earn money,” said PAL president and COO Ramon S. Ang, , said in a press briefing on Wednesday, March 6. – Rappler.com
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