MANILA – The parent firm of Philippine Airlines has accepted the resignation of its board of directors after San Miguel Corp. acquired a significant stake in the country's flag carrier.

In a disclosure to the Philippine Stock Exhcange, PAL Holdings Inc. said the board of directors' in a meeting held yeterday accepted the resignation of Jaime Bautista as director and president; Domingo Chua, director and treasurer; Wilson Young, Juanita Tan Lee as directors; Johnip Cua as independent director and Ma. Cecilia Pesayco as corporate secretary.

The new elected directors of PAL Holdings include Ramon Ang, Inigo Zobel, Roberto Ongpin, Aurora Calderon and Ferdinand Constantino.

Ang was appointed as president and chief operating officer.

Other corporate officers include Harry Tan as the new treasurer, Estelito Mendoza, corporate secretary, Pesayco and Irene Cipriano as assistant corporate secretaries and Daniel Ang Tan Chai as chief finance officer.

Through wholly-owned subsidiary San Miguel Equity Investments Inc., SMC entered into investment agreements with Trustmark Holdings Corp. and Zuma Holdings and Management Corp., giving the former a 49 percent stake in PAL and Air Philippines Express for $500 million.

Trustmark and Zuma are majority owned by Lucio Tan, who is also chairman of PAL and PAL Holdings.*PNA

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