MANILA, Philippines – Trading of shares of PAL Holdings Inc., owner of Philippine Airlines (PAL), will resume Friday, July 12 after the company met the minimum public ownership (MPO) requirement.
The Philippine Stock Exchange announced in a memorandum Thursday, July 11 that the trading suspension would be lifted at 9 am, Friday.
PAL Holdings sought the lifting, saying it complied with the 10% MPO requirement before the deadline set by regulators expired.
PAL Holdings assistant corporate secretary Ma. Cecilia Pesayco said the company’s public float rose to 10.22% from 0.55% following a share sale.
The trading suspension took effect in January. PAL Holdings, together with several non-compliant companies, was given by regulators until June 30 to comply with the MPO rule. Failure to meet the deadline would have resulted in automatic delisting from the bourse.
Trading in PAL Holdings will resume in the wake of the European Union’s decision to allow PAL to fly again to the 28-nation bloc.
The EU lifted the ban on PAL, citing the Philippines’ efforts in addressing serious air safety concerns.
PAL said it would launch direct flights to Europe by September or October.
Other Philippine carriers however are still barred from entering European airspace.
PAL Holdings is jointly owned by taipan Lucio Tan and diversified conglomerate San Miguel Corp.
After San Miguel’s entry, PAL embarked on a program that aims to add 100 new aircraft to the legacy carrier’s fleet. PAL now has 45 aircraft. – Rappler.com