MANILA, Philippines - Key executives of Philippine Airlines (PAL) and its parent firm tendered their resignation last week after San Miguel Corp. acquired a significant stake in Asia's oldest airline, according to a highly-place source.
The source said the board of directors of PAL Holdings Inc. and PAL submitted their courtesy resignation to give San Miguel a free hand in organizing a new management team.
Jaime Bautista, president of PAL and director of PAL Holdings, also tendered his resignation.
PAL's board members include Charles C. Chante, Joseph T. Chua, Estelito P. Mendoza, Cesar N. Santos, Washington SyCip, Lucio K. Tan Jr. , and Michael G. Tan.
PAL's indendent directors are Antonio Alindogan Jr., Enrique Cheng, Alberto D. Lina and Gregorio T. Yu .
The directors of PAL Holdings include Tan Jr., Cheng, Alindogan, Michael Tan, Harry Tan, Wilson Young, Domingo Chua, Juanita Tan Lee, and Johnip Cua.
Through wholly owned subsidiary San Miguel Equity Investments Inc. (SMEII), San Miguel entered into investment agreements with Trustmark Holdings Corp. and Zuma Holdings and Management Corp. giving the former a 49 percent stake PAL and Air Philippines Express for $500 million.
Trustmark and Zuma are majority owned by Lucio Tan, who is also chairman of PAL and PAL Holdings.
In a disclosure to the Philippine Stock Exchange, San Miguel said its unit SMEII will not have a direct equity interest in PAL Holdings nor in PAL, the operating company.
"SMEII shall have resulting proportionate interests in PAL Holdings, PAL, as well as in Airphil, to the extent of its investment in Trustmark and Zuma, respectively," San Miguel said.
"The investment of the company was based on the enterprise value of PAL and Airphil taking into account a discounted cash flow analysis of the ongoing business of PAL and Airphil," the conglomerate added.
San Miguel also said there were no conditions precedent to the transaction.
The company further said the investments do not have any immediate effect on the financial condition and operations.
Source: http://www.interaksyon.com/article/29664/key-pal-executives-tender-resignation
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