PAL parent issues more shares

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PAL Holdings, the parent company Philippine Airlines, has issued more than 14 billion common shares, according to a statement filed with the Philippines Stock Exchange (PSE).

The carrier says the subscription is a portion of its Philippine pesos (Ps) 17 billion ($418 million) total cash investment in the company.

Last month PAL issued up to 2.41 billion in new shares to the public to support the increase in capital to Ps30 billion and meet new listing requirements.

Under new rules, which came into effect at the start of the year, companies listed on the PSE need to have a minimum of 10% of their shares publicly traded. PAL has until June to comply with the rule or face deregistration.