MANILA (Philippine Daily Inquirer/Asia News Network): Billionaire Lucio Tan (pic) has thrown Philippine Airlines (PAL) another lifeline — which will also tighten his hold on its publicly-listed parent, PAL Holdings Inc. — through a fresh capital infusion aimed at keeping the financially troubled flag carrier flying.
PAL Holdings said in a stock exchange filing on Wednesday (Oct 27) that Tan’s Buona Sorte Holdings Inc. (BSHI), alongside other entities controlled by the taipan, will increase their combined stake to 89.49 per cent from 80 per cent after a P12.75-billion (US$255 million) cash injection.
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