Philippine Airlines (PAL) majority owner Lucio Tan is offering to buy out minority shareholders in PAL Holdings Inc (PAL.PS), the carrier's parent company, at 1.19 pesos per share, less than a quarter of the stock's current market price, regulatory filings showed.
Lucio Tan
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Philippine consortium LT Group Inc (LTG) increased its stake in Negros Occidental-based integrated sugar mill and refinery Victorias Milling Company Inc (VMC) from 7.4% to 14.8% for an undisclosed amount.
Lucio Tan, the chairman and chief executive of Philippine Airlines Inc (PAL) is expected to finalize the majority stake sale in the flag carrier next year with San Miguel Corp (SMC).
Billionaire Lucio Tan is considering to exit the aviation industry by means of share sale after two decades in the business.
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