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MANILA, Philippines – PAL Holdings Inc., owner of legacy carrier Philippine Airlines (PAL), has filed for an increase in its capital stock to accommodate new investors and raise its public float.
In a disclosure to the Philippine Stock Exchange on Tuesday, June 25, PAL Holdings, owned by the Lucio Tan and San Miguel groups, said it asked the Securities and Exchange Commission to allow it to hike its authorized capital stock to P30 billion from P23 billion.
The stock will be divided into 30 billion common shares at par value of P1 each.
“The said application for increase in capital was filed by the company in order to accommodate the respective subscriptions of independent investors to shares of stock of the company,” it said.
The company added the increase would also allow it “to comply with the minimum public ownership requirement (MPO) of the exchange.”
PAL Holdings is among listed companies that were suspended by the PSE for failing to meet the 10% MPO. The PSE has given these companies until the end of June to comply with the rule.
The Lucio Tan family is in talks with several investors for the possible sale of its stake in the legacy carrier, which it said was a “non-core” business. – Rappler.com
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