Lucio “Hun Hun” Tan III is the son of the late Lucio “Bong” Tan, Jr. Lucio Tan, Jr. served as the president of PAL Holdings, Incorporated (PAL) until his passing late last year.
The company elected the younger Tan as a director of PAL Holdings, Incorporated, according to the report posted online by The Philippine Star, an English-language print and digital newspaper in the Philippines.
Furthermore, the company gave the 27-year-old grandson of Chinese-Filipino tycoon Lucio Tan the directorship post in PAL affiliate company Air Philippines Corporation.
He will also be a director in the official flag carrier of the Philippines, Philippine Airlines Incorporated.
Meanwhile, the company named the grandfather of “Hun Hun” as president of PAL Holdings, Incorporated.
Lucio takes on the post, which was left vacated after the death of his son Bong. The board of directors approved the appointment of the billionaire businessman on Tuesday.
In his time as a tycoon in the Philippines, the elderly Tan has held interests in various industries, including banking, education, tobacco, real estate, airline, and liquor.
Aside from being the president of PAL Holdings, Incorporated, he serves as the chairman of the firm.
The board of directors of PAL likewise gave a seal of approval to the modifications of the articles of incorporation of PAL Holdings, Incorporated.
These amendments consist of augmenting the number of directors from 9 to 11 members.
Last December, the airline company and its subsidiaries welcomed the new constituents of their respective boards.
This development took place after the death of Bong and the resignation of a number of their talented members.
Aside from the latest appointments of Lucio and his grandson, the company elected the taipan’s son John as a director of PAL Holdings, Incorporated, replacing his brother Michael.
Other new appointees to the company include Nilo Thaddeus Rodriguez, who will function as a chief financial officer after Celeste Mutuc vacated the position.
Mark Chen replaces Amando Tetangco, Jr., the former governor of the Bangko Sentral ng Pilipinas. He will work as an independent director.
PAL is the only four-star international airline in the Philippines. It possesses a network that covers over 40 global and 30 local destinations.
It also owns a fleet of 98 aircraft with state-of-the-art technology. PAL Holdings, Incorporated, was successful recently in raising its authorized capital base.
From P13 billion, the firm was able to augment its capital stock to P30 billion. It conducted this measure while it gets ready for fundraising ventures in the future.
Furthermore, this move is a component of the transformation of the flag carrier of the Philippines towards a higher state of competitiveness and sustainable lucrativeness.
PAL Holdings, Incorporated (PSE: PAL) closed on Wednesday, February 19, 2020, at P7.30 per share.
This last trade price of the publicly listed company is down by 0.10 or 1.35 percent. The total value reached P60,194.00.
The 52-week high of PAL is at P11.62. Meanwhile, the Philippine Stock Exchange recorded its 52-week low, which is at P6.95.
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