PAL Holdings, the parent company Philippine Airlines, has issued up to 2.41 billion new shares to the public to support the increase in the capital of the company.
PAL says in a statement filed with the Philippines Stock Exchange (PSE) that a special shareholder meeting last week approved the increase in the capital stock to Philippine pesos (Ps) 30 billion ($738.5 million) from Ps23 billion.
The company said earlier this month that it planned to issue more shares under a capital restructure to meet new listing requirements. Under the new rules that came into effect at the start of the year, companies listed on the Philippines Stock Exchange (PSE) need to have a minimum of 10% of their shares publicly traded. PAL Holdings had until June to comply with the rule or face deregistration.