Print
22
Jan

Lucio Tan says PAL Holdings to conduct re-IPO in 2nd quarter

Written by bh0ngg. Posted in News

PAL Holdings, Inc. Chairman Lucio C. Tan, Sr. said in an interview last week the airline operator can embark on the re-initial public offering (IPO) in the “second quarter” of the year. He did not elaborate.

PAL entered the Philippine Stock Exchange in 2007 via the “backdoor” with a takeover of Baguio Gold Holdings Corp. Proceeds from the share sale will bankroll its expansion.

PAL is undertaking a capital restructuring to clean up the company’s balance sheet, as it seeks the entry of a new investor group to help the company manage its fleet and reach five-star full service carrier status by 2020.

PAL can give up a stake equivalent to a maximum percentage allowable by law. Under the Philippine Constitution, foreigners cannot own more than 40% of certain industries, including transportation.

The company secured the approval of the Securities and Exchange Commission (SEC) for the valuation of shares for a proposed share-swap transaction with Zuma Holdings and Management Corp., another company controlled by the tycoon and owner of budget carrier Air Philippines Corp. The transaction will allow PAL to issue 19 shares for each Zuma share surrendered.

The consolidation of Mr. Tan’s airline business is a move seen helping increase PAL’s appeal to investors.

The corporate regulator likewise cleared the decrease of PAL’s authorized capital stock to P13.5 billion from P30 billion, resulting from the reduction in par value of each share to 45 centavos from P1.

The SEC further approved the increase in par value of each share to P1 from 45 centavos, as a result of the decrease in the number of shares corresponding to the authorized and subscribed capital stock of the company.

Despite higher revenues, PAL booked a comprehensive loss of P3.55 billion for the first nine months of 2017, a reversal of the P2.96 billion booked in the previous year, because of higher expenses as a result of the increase in flight frequencies and introduction of new routes. — Krista Angela M. Montealegre

 

AIR PASSENGER BILL OF RIGHTS

CAB Hotline

Public Assistance 24/7

165-66

Secondary Numbers: PASSENGER RIGHTS ACTION DESK (PRAD)

AIRPORT CONTACT NUMBER AIRPORT CONTACT NUMBER
NAIA Terminal1 0919-9128457 Laoag 0998-5864834
NAIA Terminal2 0919-9128458 Legaspi 0919-9128461
NAIA Terminal3 0919-9128451 Mactan-Cebu T1 0919-9128464
NAIA Terminal4 0919-9128470 Mactan-Cebu T2 0998-9668315
Bacolod 0998-5864828 Masbate 0998-9668314
Basco 0998-5864829 Naga 0919-9128462
Boracay 0919-9128453 Ozamis 0998-5864835
Busuanga 0919-9128460 Pagadian 0998-5864836
Butuan 0998-5864830 Puerto Princessa 0998-5864837
Camiguin 0998-5864831 Roxas 0998-5864838
Clark 0919-9128471 Siargao 0919-9128456
Davao 0919-9128469 Surigao 0998-5864839
Dipolog 0998-5864832 Tacloban 0998-5864840
Dumaguete 0998-5864833 Tagbilaran 0919-9128465
General Santos 0919-9128467 Tuguegarao 0998-5864841
Iloilo 0919-9128466 Virac 0919-9128463
Kalibo 0919-9128454 Zamboanga 0998-5864842
Laguindingan 0919-9128468

✆ 852-8967 (CAB Legal Office)
APBR@cab.gov.ph

Trunk Lines:
☎ (+632) 853-7259
☎ (+632) 854-5996

complaints-button

flight-information-button

summary-of-the-rights-of-air-passengers-thumbnail

things-to-know-button

transparency-seal

cab-gender and development

Freedom of Information Philippines

citizens-charter

Vicinity Map

Vicinity Map of CAB

Web Stats

Today19
Yesterday288
Week1300
Month3991
All380610

Currently are 97 guests and no members online