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 stock to P30 billion.
“Please be advised that at the meeting of the Board of Directors of PAL Holdings, Inc. held today, Sept. 27, 2021, the board approved… [the increase] of the authorized capital stock of the corporation 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,” PAL Holdings said in a disclosure to the stock exchange.
To recall, PAL Holdings announced in February last year that its stockholders had approved the increase of its authorized capital stock to P30 billion.
The company said last year that the increase was necessary to raise funds for its “transformation towards sustainable profitability.”
PAL Holdings cut its first-half attributable net loss to P16.6 billion from a loss of P20.9 billion in the previous year.
Total revenues for the first six months dropped 51.1% to more than P18 billion from P36 billion in the same period a year earlier.
First-half expenses decreased 48.7% to P26.8 billion from P52.2 billion in the previous year. — Arjay L. Balinbin
