Diversifying Philippine conglomerate San Miguel Corp recently took over management control of publicly listed PAL Holdings — the parent company of Philippine Airlines — after a recent $500-million buy-in deal with the Lucio Tan group.
In a Philippine Stock Exchange disclosure, PAL said SMC now has five out of 11 board seats, one occupied by SMC president Ramon S. Ang who was also named president and chief operating officer of PAL Holdings, replacing long-time president Jaime Bautista.
The other SMC representatives in the PAL Holdings board are Iñigo Zobel, Roberto Ongpin, Aurora Calderon and Ferdinand Constantino.
SMC took an indirect stake of at least 40% in PAL and budget carrier Air Philippines alongside management control when it bought 49% of PAL Holdings’ holding companies.
A revamp of the management team was also announced with Harry Tan, Lucio Tan’s brother, named treasurer. Lawyer Estelito Mendoza was named corporate secretary with Cecilia Pesayco and Irene Cipriano as assistant corporate secretaries.
Daniel Ang Tan Chai was elected chief finance officer of PAL Holdings.
Photo from http://www.philippineairlines.com/about_pal/our_fleet/our_fleet.jsp
