It's official: San Miguel buys into PAL

[uls]

Kasama yata apple diyan para Sa taxes


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there's an accounting technique known as double Irish with a Dutch sandwich

Apple route profits through Irish subsidiaries and the Netherlands and then to the Caribbean

Apple owns subsidiaries in tax havens like Ireland, the Netherlands, Luxembourg, and the British Virgin islands

[shadow]

there's an accounting technique known as double Irish with a Dutch sandwich

Apple route profits through Irish subsidiaries and the Netherlands and then to the Caribbean

Yun mga office nila doon one table and chair lang


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[CVT]

this small office building (Ugland House) in the Cayman Islands is home to 18,000+ companies



hehe

^^^ Cayman, popular diyan...Ooooppppsssss,- mayroon na pala....

Mukhang pamilyar ako sa building na iyan, ha?.....

17.4K:date:

[timrev]

hay... todo effort ang mga airline company ngayon dito sa pinas pero sayang masyadong mabagal ang action ng goverment for the improvement of airport hardware

gusto ng goverment dumami turista ningas kugon naman sila para i level up category natin sa FAA

sure yan kung FAA cat 1 tayo darami route ng airline natin darami papasok na turista satin means darami papasok na pera dito pinas...

[SiRbossR]

Sana nga mag FAA catergory 1 na ulit tayo. Pero by the looks of it, meeehhh.

If you've been to Clark int'l airport, you'll love how efficient they are and how simple they do things around but in a precise manner. malayo sa naia.


Also, ask anyone and they'll tell you that Boeing is better than Airbus.
Mahal nga lang talaga Boeing.

[Monseratto]

LUCIO TAN TAKES BACK PAL
By Amado P. Macasaet | September 10, 2014

The Lucio Tan Group will take over full control of Philippine Airlines after it completes payment of around $900 million to San Miguel Corp. which bought 49 percent of the airline’s equity two years ago.

Sources in the airline pointed out the amount includes assumption of advances made to PAL by SMC during its two-year management control.

The Tan Group will finance the repurchase by borrowing around $800 million from a syndicate of banks composed of Banco de Oro Universal Bank, China Banking Corp., Asia United Bank, and Tan’s Philippine National Bank which merged with his Allied Banking Corp.

The deal will become final after the airline complies with several government requirements. Under the rules of the Securities and Exchange Commission, the minority stockholders have the right to buy what SMC is selling as specified under the so-called “mandatory tender offer.”

PAL under the Tan group will likewise pay close to $200 million the airline borrowed using SMC as guarantor. The guarantee will transfer to the Lucio Tan Group or his companies.

There are no expectations that minority of less than 5 percent of PAL’s total equity will exercise its rights of first refusal. However, the law requires the minority to officially declare it is not exercising the option.

The buy out by the Tan Group is also subject to the approval of the Civil Aeronautics Board. This requirement is variously described as “complied” with.

San Miguel bought 49 percent of PAL for $500 million and insisted on having management control. The condition of the sale stipulates that either party can buy the other.

In the two years of SMC management with Ramon S. Ang as president and chief executive officer, the airline expanded its fleet by ordering the purchase of 60 brand new aircraft.

Twenty of the brand new planes have been delivered, allowing PAL to apply for and get more landing rights mostly in Europe and the United States.

An official of PAL, friendly to both Ang and Lucio Tan, confided the Tan group will ask for a deferment of the delivery of 40 of the new airplanes. The purchase agreement specifies full payment in the next six years until 2020.

Ang introduced drastic changes in the airline including early retirement of flight attendants. It was also in the time of Ang that the Ninoy Aquino International Airport was raised to Category I.

The change means NAIA may no longer be considered as an unsafe airport by many international carriers mostly from the United States and Europe.

PAL Holdings last month reported net income of $34 million.

The Tan group, sources in the airline said, is paying for what is generally described as improvement in management efficiencies introduced by Ang.

An airline official claimed Ang agreed to sell SMC’s 49 percent stake to allow SMC to lay its hands on at least $500 million it needs for its many projects including reclaimed land facing Parañaque City.

The official also said Ang is happy he was able to remove the red ink at the bottom of the company’s profit and loss statement.

The market appears to welcome the deal. This is indicated by the increase by 4.35 percent in the price of PAL shares in the stock market. News agency Reuters reported SMC shares also moved up slightly when news of Tan taking back PAL reached the market.

The agency also said the number of PAL shares traded increased more than seven times in the last 30 days to 639,200 shares.

- See more at: Lucio Tan takes back PAL | Malaya Business Insight

[Ry_Tower]

- See more at: Lucio Tan takes back PAL | Malaya Business Insight

Si RSA lang naglinis nang kalat, si Lucio Tan na magpapatuloy. Sana nga tama ginawa niya (business wise) at hindi dahil sa pride lang.

[Ciz]

Hello po. Ano po ba history ng san miguel at pal? Sa mga owners. Nakikipag meeting kasi kami dati diyan. Curious lamg po


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[Monseratto]

When you get a lackey/accountant with no zest or inkling in running an airline, better be ready to get cringe worthy replies in an interview from an international news organiztion...

PAL COO's Bloomberg interview was all kinds of embarrassing
By Coconuts Manila March 17, 2015 / 10:10 PHT

If you can make it to New York, can you really make it anywhere?

Philippine Airlines president and COO Jaime Bautista guested on Bloomberg's Bottom Line a few hours ago where he was asked about the resumption of the airline's Manila-New York flight after 17 years. PAL's top guy may have looked calm and collected on camera, but his voice said something else. We'd be worried too, if we didn't prepare for an interview.

Was he really expecting softball questions from Bloomberg? When host Mark Crumpton asked Bautista how the strong dollar is impacting PAL's business, Bautista replied, "Well it doesn't really impact us because we are a company that reports in US dollars...most of our revenues are in foreign currencies. Even sales in the Philippines for foreign flights are based in US dollars."
Well that's one really simple way of looking at it.

But the most embarrassing part comes in the end, when Bautista is asked how PAL plans to compete with the big guns — Cathay Pacific and Singapore Airlines — for market share in Asia-Pacific. His answer? "We cater to the Filipino market and they feel that when they take Philippine Airlines flights, they are already in their home. That's why we are 'Philippine Airlines: Your Home In The Sky'."

Good work plugging PAL's slogan, boss. Now can we go back to staring into our wine glass?

http://manila.coconuts.co/2015/03/17...s-embarrassing

[Altis6453]

When you get a lackey/accountant with no zest or inkling in running an airline, better be ready to get cringe worthy replies in an interview from an international news organiztion...



http://manila.coconuts.co/2015/03/17...s-embarrassing

Dapat yung PAL public affairs chief nalang ang pina-interview. Or better yet, their business development head, if PAL has one.