Lucio Tan consolidates PAL, Air Philippines holdings | ABS-CBN

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Lucio Tan consolidates PAL, Air Philippines holdings

Lucio Tan consolidates PAL, Air Philippines holdings

ABS-CBN News

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MANILA – PAL Holdings, led by billionaire Lucio Tan, is consolidating his stakes in Philippine Airlines and Air Philippines in a P8.24-billion share swap, the company said Friday.

PAL said it would acquire 100 percent of Air Philippines owner Zuma in exchange for new PAL shares from its authorized capital stock.

The company said it would issue 1.64 billion shares at P5 per share.

Zuma is 60-percent held by Cosmic while the rest is held by Horizon.

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“With the integration of the two airlines under PAL, it is expected that the companies can streamline its processes thereby enhancing the transportation experience of the riding public, reducing costs and increasing revenue,” PAL Holdings said.

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