PAL to meet public ownership reqt by June 30

MANILA, Philippines - The parent of legacy carrier Philippine Airlines (PAL) will sell additional shares to the public by June 30 to comply with stock exchange rules.

At the stockholder's meeting on Friday, March 15, airline officials said PAL Holdings, Inc. will increase its authorized capital stock to 30 billion from 23 billion to meet the Philippine Stock Exchange's requirement on 10% public ownership.

The company's board of directors announced that the company would issue 2.415 million shares and offer these at P1 per share to skirt delisting.

The share sale will increase PAL Holding's public float to 10.2% from the current 0.6%. 

Last December, PAL was one of the stocks suspended from being traded at the PSE. -