The Securities and Exchange Commission has approved the request of
PAL Holdings Inc. to increase its authorized capital to P23 billion
from P20 billion, the company announced on Friday.
In a letter to the Philippine Stock Exchange (PSE) released Friday, the
parent of flag carrier Philippine Airlines noted the regulator approved
the proposed amendments to the company's articles of incorporation to
reflect on the capital increase. It was approved by SEC on Dec. 12, the
company added.
“Please be advised that the
company’s application for an increase in authorized capital stock from
P20 billion divided into 20 billion common shares with a par value of P1
per share to P23 billion divided into 23 billion common shares with a
par value of P1 per share was approved by the SEC,” PAL Holdings
assistant corporate secretary Cecilia Pesayco told the PSE.
The increase in authorized capital is an offshoot of conglomerate San Miguel Corp.'s entry into PAL.
Majority shareholder Trustmark Holdings Corp. is subscribing to the
increase in authorized capital as well as certain unissued shares of PAL
Holdings worth P17 billion.
Early this week,
PAL said it is undertaking capital restructuring as part of the entry of
San Miguel and to pursue a re-fleeting program involving the
acquisition of 100 aircraft.
Last April,
Trustmark Holdings entered into a $500-million investment deals with San
Miguel unit San Miguel Equity Investments Inc. that gave the
diversified conglomerate a 49-percent stake in PAL Holdings and
effective control of at east 40 percent of PAL and its budget airline
affiliate AirPhil. — VS, GMA News
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