PAL Holdings Board Approves Share Capital Increase to P30B
PAL Holdings, Inc., the holding company of Philippine Airlines, announced on Monday that its board of directors had approved an increase in its authorized capital to 30 billion pesos.
“Please note that at the meeting of the PAL Holdings, Inc. Board of Directors held today, September 27, 2021, the Board approved… [the increase] of the authorized share capital of the company from P13,500,000,000.00 with a par value of P1.00 per share to P30,000,000,000.00 with a par value of P1.00 per share,” said PAL Holdings in a statement to the stock exchange.
As a reminder, PAL Holdings announced in February last year that its shareholders had approved the increase of its authorized share capital to 30 billion pesos.
The company said last year that the increase was necessary to raise funds for its “transformation to sustainable profitability”.
PAL Holdings reduced its attributable net loss in the first half to 16.6 billion pesos from a loss of 20.9 billion pesos the previous year.
Total revenue for the first six months fell 51.1% to more than 18 billion pesos from 36 billion pesos in the same period a year earlier.
Expenditure in the first half decreased by 48.7% to P26.8 billion from P52.2 billion the previous year. — Arjay L. Balinbin