The Southeast Asian air market has been occupied mostly by the budget carriers of this region. Ignoring the odd, Philippine Airlines has been rumored to announce for order for new planes. The carrier has designed a roadmap to elevate its status to five stars through the rumored expansion.
PAL Holdings Inc.
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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, 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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