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MANILA, Philippines – PAL Holdings Inc., parent of legacy carrier Philippine Airlines (PAL), announced Thursday, June 27 it was now compliant with the stock exchange’s public float rule after selling shares.
In a disclosure to the Philippine Stock Exchange, PAL Holdings corporate secretary Ma. Cecilia Pesayco said the company sold 2.415 billion common shares for a total consideration of P2.415 billion to investors.
It did not name the investors who acquired the shares via private placement.
Pesayco said the transaction accounted for about 34.5% of the planned P7 billion increase in the company’s authorized capital stock. PAL Holdings filed for an increase in capital to P30 billion from P23 billion.
The PSE suspended the trading of 7 firms including PAL Holdings in January due to their failure to meet the 10% minimum public ownership requirement. These companies were given until the end of June to comply with the rule otherwise they would be delisted from the bourse.
The private placement raised PAL Holdings’ public float to over 10% from 0.55%.
PAL Holdings is jointly owned by the Lucio Tan and San Miguel groups.
After San Miguel Corp. acquired a 49% stake in the holding company, the legacy carrier embarked on an aggressive re-fleeting program aimed at acquiring 100 new aircraft.
PAL has an existing fleet of 45 aircraft composed of 19 Airbus A320-200s, 8 A330-300s, 4 A319-100s, 4 A340-300s, 5 Boeing B777-300ERs, and 5 Boeing 747-400s.
The Tan family is looking to sell its 51% stake in PAL Holdings. – Rappler.com
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