Philippine Airlines (PAL) has offered its workforce shares worth 477 million pesos ($18 million), which represents nearly 5% of the carrier. The move is part of a recently approved effort to double PAL's capitalisation from its current 5 billion pesos, and follows the decision by state-owned financial institutions and minority interests not to subscribe to the new issue. The offer, however, has failed to prevent a strike by the PAL Employees Association, demanding higher wages.
Source: Flight International
