12 July 2013
By Krista Angela M. Montealegre
In a disclosure to the Philippine Stock Exchange, the operator of Philippine Airlines said its public float has increased to 10.22 percent from 0.55 percent earlier, thus complying with the minimum public ownership requirement of 10 percent.
PAL Holdings avoided delisting after private investors subscribed to P2.415 billion worth of common shares issued after its capital stock was increased to P30 billion from P23 billion previously.
The PSE had given listed firms until end-2012 to meet the free float rule. Trading in shares of companies that failed to meet the deadline was suspended starting last January, but the bourse gave them until June 30 to address the deficiency, barring which they would be delisted.