PAL hikes capital to P30 B

Flag carrier Philippine Airlines (PAL) has received regulatory approval to raise its capital stock to P30 billion to free up space for fresh investments from its parent unit.

- ELIJAH FELICE ROSALES

In a disclosure to the Philippine Stock Exchange, PAL’s parent PAL Holdings Inc. said it secured approval from the Securities and Exchange Commission to proceed with its application to increase its authorized capital.

As such, PAL’s capital stock more than doubled to P30 billion from P13.5 billion with each share carrying a par value of P1.

PAL said the capital hike means that it can receive additional funding from one of the companies under the LT Group. The flag carrier owned by taipan Lucio Tan is required to expand its capital in line with the restructuring it pursued in 2021.