Friday 24 May
Feb 8, 2019 @ 17:24

ANA to complete $95M investment in PAL by March

 

Japan’s largest airline group ANA Holdings expects to close its deal with tycoon Lucio Tan’s Philippine Airlines next month.

“The parties are targeting to close the transaction within the period from Feb.28 to March 15, 2019, subject to completion of their respective internal procedures,” documents filed with the Philippine Stock Exchange said.

Under the agreement, ANA will acquire 1.1 billion shares or 9.5 percent of PAL Holdings for $95 million.

The transaction will be crossed in the facilities of the PSE via a special block sale.

Proceeds from the share sale will be used to support PAL’s operations and expansion.

ANA will take a seat on the nine-man board of PAL Holdings at the latter’s stockholders’ meeting in May. The flag carrier is expected to benefit from the business knowledge and experience of the ANA representative.

Upon completion of the transaction, the foreign ownership level of PAL Holdings will increase from 8.77 percent to 18.27 percent. 
 The public float will remain at the current level of 10.32%.

Please follow and like us:
error

Tags: , , , ,

Related Stories
The parent firm of taipan Lucio Tan's Philippine Airlines reported a lower net loss in
Bilyonaryo Lucio Tan's Philippine Airlines received its sixth Airbus A350-900, completing its widebody refleeting program
The parent firm of flag carrier Philippine Airlines is raising its capitalization to P20 billion
The granddaughter of bilyonaryo Lucio Tan shared her pleasant business class dining experience aboard Philippine


 

Trending News

Copyright © 2019 Bilyonaryo - Latest news on the richest Filipinos and Family Business.