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Manila Bulletin devider Business devider The Stock Market devider Activist investor Oasis Management buys Into Philippine Airlines parent firm

Activist investor Oasis Management buys Into Philippine Airlines parent firm

Published May 23, 2025 03:57 pm
Oasis Management Company Ltd, a Hong Kong-based “activist” investment fund, reported that it has so far acquired a 5.76 percent stake in Lucio Tan-led and Philippine Airlines owner PAL Holdings Inc.
In a disclosure to the Philippine Stock Exchange, Oasis Management said it bought the shares from PAL’s creditors “for the purpose of long-term strategic investments, and with a plan to acquire additional shares of (PAL Holdings) in the future.”
It assured that, “Oasis does not, however, plan to propose any changes in the business or board of directors of (PAL Holdings).”
The firm said it now owns 1.55 billion PAL Holdings shares after entering into Deeds of Absolute Sale involving its acquisition of PAL Holdings common shares for $41.22 million from February 10 to May 7, 2025.
The shares were sold to Oasis Management via block sales at the PSE by Rolls Royce PLC (318.6 million shares worth $6.55 million), Falcon 2019-1 Aircraft 1 Limited (163.62 million shares worth $3.94 million), three Avolon Aerospace AOE companies (157.56 million shares worth $4.55 million),
CIT Aerospace International Unlimited Company (108.49 million shares worth $3.14 million), CIT Group Finance (Ireland) Unlimited Company (570.66 million shares worth $16.49 million), HKAC Leasing 6291 (Ireland) Limited (25.62 million shares worth $0.74 million), Orix Aviation Systems Limited (29.22 million shares worth $0.84 million), ands SAF Leasing II (AOE 2) limited (172.06 million shares worth $4.97 million).
Oasis Management is founded by its Chief Investment Officer Seth H. Fischer in 2002. It is an international investment manager that invests globally across capital structures.
Fischer founded Oasis Management following a seven-year career at Highbridge Capital Management where he managed the firm’s Asian investment portfolio.
Oasis Management is an activist investor that has pushed for significant change at companies. In recent times, it has been focusing on Japanese companies.
An activist investor is a shareholder who acquires a significant stake in a publicly traded company and actively works to influence its management and operations, typically with the goal of increasing shareholder value or addressing what they perceive as inefficiencies or shortcomings.
They might aim for changes in strategy, operational improvements, or even changes in corporate governance, often through public campaigns or by seeking representation on the board of directors.
Last Jan. 27, 2025, Philippine Airlines creditors who accepted a debt-for-equity deal and a subsequent share swap were given the opportunity to sell their stake in PAL Holdings after the shares were listed at the PSE.
The new PAL Holdings shares were listed nine months after the share swap with PAL shares were issued and almost two years after the swap was approved by the PAL Holdings board of directors.
PAL Holdings listed a total of 15.24 billion of its shares of which 5.04 billion shares belong to creditors while 10.2 billion shares were issued to PAL controlling shareholder taipan Lucio Tan’s Buona Sorte Holdings Inc.
On February 27, 2023, PAL Holdings’ Board of Directors approved the share-for-share swap transaction with the shareholders of Philippine Airlines, whereby the Company offered to issue a total of 5.04 billion common PAL Holdings shares in exchange for their shares in the airline.
In July 2023, PAL Holdings said that, “in addition to the cash previously received by the Corporation as payment for the shares to be issued from the increased capital, the Corporation also received (323.77 million) Common Shares in its subsidiary, Philippine Airlines, Inc. (PAL) owned by certain creditors of PAL in exchange for (5.04 billion) new Common Shares of the Corporation at the rate of 15.57 PHI shares for every 1 PAL share.”
The unsecured creditors included Philippine National Bank but consist mostly of foreign aircraft leasing and financing companies as well as parts suppliers.
While the PHI Board of Directors approved last February the issuance of up to 5.62 billion PHI shares PHI in exchange for up to 360.67 million PAL shares, only 5.04 billion new PHI shares were issued to the unsecured creditors of PAL as not all participated in the share swap transaction.

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Philippine Airlines PAL Holdings Inc. Seth H. Fischer Oasis Management Company Ltd.
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