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The board of PAL Holdings Inc. has approved the
acquisition of shares owned by the six holding companies of
Philippine Airlines, the company announced Friday.
In a press briefing, Jaime
Bautista, president, said PAL Holdings will buy 8.8 billion common
shares equivalent to 81.57 percent owned by the six holding
companies of Philippine Airlines.
These companies are Pol Holdings
Inc., Cube Factor Holdings, Inc., Ascot Holdings Inc., Sierra
Holdings and Equities Inc., Network Holdings and Equities Inc. and
Maxell Holdings Corp.
Bautista added that PAL Holdings
will also purchase 50.59 million shares of PR Holdings.
In statement, the company said
the acquisition of shares will pay-off P12.12 billion of the P23.12
billion outstanding obligation of the six holding companies to PAL
Holdings, based on the book values of PAL and PR Holdings as of
March 31, 2007.
“The remaining receivable
of the company from the six holding companies after the dacion en
pago totaling P10.99 billion shall be converted into additional
paid-in capital in the six holding companies.
In addition, the board also
approved the acquisition of the 0.8 percent outstanding common
shares owned by the existing shareholders.
Bautista said the acquisition
will give PAL about 85.47 percent ownership of PAL Holdings.
“With the acquisition, the
airline carrier will be more attractive in financing either loan or
equity,” Bautista told reporters.
Lucio Tan owns 97 percent of PAL
Holdings. The government, through Land Bank of the Philippines,
Development Bank of the Philippines, Retirement Separation Benefits
System of the Armed Forces of the Philippines, owns 4 percent. PAL
employees hold another 1 percent, while the remaining is distributed
among private stockholders.
For the fiscal year ending March,
PAL’s net income rose to $140.3 million from $22.8 million last
year.
The airline carrier during the
period posted a $1.39 billion revenue, or 12.8 percent in the same
period last year.
--Darwin G. Amojelar
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