PAL parent firm hikes capital to P30-B
MANILA, Philippines - PAL Holdings, Inc., parent firm of Philippine Airlines (PAL), has increased its capital anew to fund the flag carrier's re-fleeting program.
In a disclosure on Tuesday, PAL Holdings said its board of directors approved the hike in authorized capital to P30 billion--consisting of 30 billion shares with a par value of P1 apiece--from P23 billion.
This comes after PAL Holdings last month already increased capital to P23 billion from P20 billion.
The holding firm's expansion of authorized capital is being done to raise funds for PAL's acquisition of 100 planes.
PAL in August last year inked a $7 billion deal with France-based Airbus/EADS for 54 new Airbus aircraft. The next month, the flag carrier announced an additional 10 aircraft in a separate contract worth $2.5 billion.
The airline currently has 39 aircraft: five Boeing B747-400s, three Boeing B777-300ERs, four Airbus A340-300s, eight Airbus A330-300s, 15 Airbus A320-200s, and four Airbus A319-100s.