{"id":25223,"date":"2014-09-09T22:43:19","date_gmt":"2014-09-09T14:43:19","guid":{"rendered":"https:\/\/canadianinquirer.net\/v1\/?p=25223"},"modified":"2014-09-09T22:43:19","modified_gmt":"2014-09-09T14:43:19","slug":"lucio-tan-buys-back-pal-shares-from-san-mig-corp","status":"publish","type":"post","link":"https:\/\/canadianinquirer.net\/v1\/2014\/09\/09\/lucio-tan-buys-back-pal-shares-from-san-mig-corp\/","title":{"rendered":"Lucio Tan buys back PAL shares from San Mig Corp"},"content":{"rendered":"<figure id=\"attachment_23008\" aria-describedby=\"caption-attachment-23008\" style=\"width: 230px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2014\/08\/PAL.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-23008\" src=\"https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2014\/08\/PAL.jpg\" alt=\"From the Facebook page of PAL\" width=\"230\" height=\"346\" srcset=\"https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2014\/08\/PAL.jpg 230w, https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2014\/08\/PAL-199x300.jpg 199w\" sizes=\"auto, (max-width: 230px) 100vw, 230px\" \/><\/a><figcaption id=\"caption-attachment-23008\" class=\"wp-caption-text\">From the Facebook page of PAL<\/figcaption><\/figure>\n<p>Business mogul Lucio Tan signed a $1-billion deal on Monday for the purchase of San Miguel Corporation\u2019s 49-percent share of Philippine Airlines (PAL). The newly signed deal brings to an end the two-year partnership between the two groups, and restores management control of the flag carrier back to the Tan group.<\/p>\n<p>SMC president Ramon S. Ang and Tan closed the deal at the head office of Banco de Oro Unibank, one of the financial institutions which financing Tan\u2019s group to facilitate the buyback.<\/p>\n<p>Ang later confirmed the buyback deal via text message, saying that he had signed the contract and that payment was expected \u201cwithin one week.\u201d<\/p>\n<p>The payment covers the cost of the shares involved, as well as the cash which was advanced by San Miguel for PAL\u2019s refleeting program.<\/p>\n<p>Aside from BDO, several other banks have reportedly been tapped to fund the buyback, in part; namely China Banking Corp., Philippine National Bank and Asia United Bank. The bulk of the financing, however, will be shouldered by Tan.<\/p>\n<p>Earlier reports alleged that Tan was displeased with certain factors regarding SMC\u2019s management of PAL, among these:<\/p>\n<p>\u2022 An excessively generous early retirement plan, which Tan felt would bump up expenses as well as lead to the loss of valued employees<\/p>\n<p>\u2022 Issues concerning the supply of aviation fuel by SMC-run Petron Corp.<\/p>\n<p>\u2022 The leasing of a several aircraft<\/p>\n<p>\u2022 The alleged loss of Tan family privileges under SMC management<\/p>\n<p>SMC, however, managed to restore profitability to the once financially struggling airline beginning the second quarter of 2014.<\/p>\n<p>PAL reported a 604 percent increase in net earnings for the month of July 2014, amounting to $11 million; as compared with the same month last year, during which net earnings reached only $1.5 million. Furthermore, earning<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Business mogul Lucio Tan signed a $1-billion deal on Monday for the purchase of San Miguel Corporation\u2019s 49-percent share of &hellip;<\/p>\n","protected":false},"author":44,"featured_media":23008,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1482,19],"tags":[7762,7763,3851],"class_list":["post-25223","post","type-post","status-publish","format-standard","has-post-thumbnail","category-breaking","category-business","tag-lucio-tan-group","tag-pal-buyback","tag-smc","mauthors-angie-duarte","mauthors-philippine-canadian-inquirer"],"_links":{"self":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/25223","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/comments?post=25223"}],"version-history":[{"count":0,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/25223\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media\/23008"}],"wp:attachment":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media?parent=25223"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/categories?post=25223"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/tags?post=25223"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}