PAL Raises 17 Billion Pesos in Fresh Funds
Philippine Airlines (PAL) is increasing its authorized capital stock worth 17 billion Pesos or 85 billion common shares which will be subscribed to by PAL Holdings. The latter is also increasing its authorized capital stock to 23 billion Pesos the help fund the expansion of the carrier and accommodate the entry of San Miguel Corporation.
“SMC is buying into PAL and affiliate budget carrier Air Philippines Corp. (AirPhil) through several layers of holding companies. This will lead to SMC’s acquisition of 49 percent of PAL’s publicly-listed parent firm PAL Holdings, which in turn will give it effective control of at least 40 percent of PAL,” as reported by Philippine Star.
Read more at PhilStar.com
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