Lucio Tan reclaims full control of PAL
MANILA, Philippines - The group of taipan Lucio Tan formally sealed the deal with San Miguel Corporation (SMC) to buy back the Philippine Airlines (PAL).
In SMC's disclosure to the Philippine Stock Exchange, the company said it has signed a joint agreement with Tan's group to sell its 49 percent stake in PAL to the latter.
The diversified conglomerate has acquired the 49 percent share in PAL since 2012 while Tan has kept 51 percent share on the country’s flag carrier.
With the new agreement, Tan's group will take back full management control of PAL from incumbent PAL President Ramon Ang, who is also the president and chief operating officer of SMC.
Tan currently serves as chairman of PAL, but Ang oversees the day-to-day operations of Asia's oldest airline. - Louis Bacani
- Latest
- Trending
