PAL sold to San Miguel for $874 million

In the nine month financial statement from San Miguel Corp. shows that the company sold its 49% stake in Philippine Airlines (PAL) back to tycoon Lucio Tan group for $874 million or an equivalent P38.616 billion. The sale includes the indirect ownership of 43.23% and a 48.98% beneficial interests in PAL and Air Philippines Corp., respectively. The deal also included the sale of San Miguel’s equity interest and the cancellation of subscription rights on the shares of stock of Fortunate Star Ltd.