C01062-2024

SECURITIES AND EXCHANGE COMMISSIONSEC FORM 17-C

CURRENT REPORT UNDER SECTION 17
OF THE SECURITIES REGULATION CODE
AND SRC RULE 17.2(c) THEREUNDER

1. Date of Report (Date of earliest event reported)
Feb 28, 2024
2. SEC Identification Number
PW-94
3. BIR Tax Identification No.
000-707-922
4. Exact name of issuer as specified in its charter
PAL Holdings, Inc.
5. Province, country or other jurisdiction of incorporation
Philippines
6. Industry Classification Code(SEC Use Only)
7. Address of principal office
8th Floor, PNB Financial Center, President Diosdado Macapagal Ave., CCP Complex, Pasay City Postal Code 1307
8. Issuer's telephone number, including area code
(02) 8810-2451
9. Former name or former address, if changed since last report
Not Applicable
10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA
Title of Each Class Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding
Common 11,610,978,242
11. Indicate the item numbers reported herein
Item 9

The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.

PAL Holdings, Inc.PAL

PSE Disclosure Form 4-13 - Clarification of News Reports References: SRC Rule 17 (SEC Form 17-C) and
Section 4.4 of the Revised Disclosure Rules

Subject of the Disclosure

Clarification of News Report
Source PhilStar
Subject of News Report "PAL revives stake sale to investors"
Date of Publication Feb 28, 2024
Clarification of News Report

28 February 2024

DISCLOSURE DEPARTMENT
THE PHILIPPINE STOCK EXCHANGE, INC.
Philippine Stock Exchange Plaza,
PSE Tower, 5th Avenue corner 28th Street,
Bonifacio Global City, Taguig City

Attention: MS. ALEXANDRA D. TOM WONG
Head, Disclosure Department

Gentlemen:

This refers to your letter dated 28 February 2024, seeking clarification of the news article entitled “PAL revives stake sale to investors” posted in The Philippine Star (Online Edition) today, which reported in part that:

“Taipan Lucio Tan has revived plans to sell a significant stake in Philippine Airlines (PAL) to a strategic investor who could help the flag carrier soar to even greater heights, industry sources said.

The STAR learned that PAL’s management recently formed a team to ‘receive some offers,’ which could come from foreign carriers to help the company better navigate the global aviation industry after the COVID-19 pandemic.

‘The process (of the sale) has started and there is a team handling that,’ a source confirmed.

However, the Tan family ‘is not relinquishing control’ and the size of the stake it is willing to give up depends on the offer it would get, said the source.

Instead, the Tan family is willing to sell a 20 to 25 percent stake in the airline, which would be a ‘minority but significant stake’ and attractive enough for a new investor to come in at this time.

. . . .”


The Company has always been open or receptive to welcome strategic partners that will contribute positively to the ongoing effort of PAL to strengthen and position itself for growth in the coming years. Alliances or partnerships of similar nature are most often beneficial to the Company. While the sentiment is strongly in favor of welcoming strategic investor, the groundwork has yet to be started. There is nothing to report on the matter at this time.

Thank you for the opportunity to clarify the above-quoted news article.



Very truly yours,
PAL HOLDINGS, INC.

By:

MA. CECILIA L. PESAYCO
Corporate Secretary
Other Relevant Information

Please see attached files.
Filed on behalf by:
Name Ma. Cecilia Pesayco
Designation Corporate Secretary