SAN Miguel Equity Investments has released its 49 per cent stake in national carrier Philippine Airlines (PAL) to the Lucio Tan Group (LT Group), which is now offering to buy out minority shareholders as well.
According to a PAL press release, LT Group’s owned companies Buona Sorte (BSHI) and Horizon Global Investments (HGIL) have acquired respectively a nine per cent share and 40 per cent share of San Miguel’s stake in Trustmark Holdings Corporation.
Trustmark owns 89.8 per cent of the shares for PAL Holdings, which in turns owns 98.3 per cent of PAL.
BSHI and HGIL are calling for voluntary tender offers at the same time, and minority stakeholders selling their shares will receive the same economic terms and conditions as San Miguel.
