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PAL Holdings readies for Philippine Airlines capital boost
April 24th 2024
PAL Holdings Inc., parent of Philippine Airlines (PAL), has received approval from the Philippines Securities and Exchange Commission to increase the maximum number of shares on issue in the company to 30 billion from 13.5 billion. Read More » The approval opens the way for PAL Holdings to provide financial support for PAL. “The purpose of the proposed increase of authorised capital of the issuer is to accommodate the fresh infusion of capital into the company by an affiliate company of the Lucio Tan Group of Companies,” PAL Holdings said in a regulatory filing. “The new capital will be invested into the issuer's subsidiary, Philippine Airlines (PAL), pursuant to the court-supervised reorganisation of PAL.” Philippine Stock Exchange data shows PAL Holdings has 11.6 billion shares on issue.
