Oasis Management Company Ltd, an activist investment fund based in Hong Kong, has acquired a 5.76 percent stake in PAL Holdings Inc., the parent company of Philippine Airlines, led by Lucio Tan.

In a disclosure to the Philippine Stock Exchange (PSE), Oasis Management confirmed that it purchased approximately 1.55 billion shares from creditors of PAL Holdings for long-term strategic investment purposes, with plans to acquire additional shares in the future.

The shares were acquired at a total value of $41.22 million through Deeds of Absolute Sale, conducted between February 10 and May 7, 2025. The acquisition involved block sales at the PSE from several entities including Rolls Royce PLC, which sold 318.6 million shares valued at $6.55 million; Falcon 2019-1 Aircraft 1 Limited with 163.62 million shares worth $3.94 million; and several other aerospace and leasing companies.

Oasis Management stated that it does not intend to propose any changes to the existing business operations or board of directors of PAL Holdings.

The firm was founded in 2002 by Chief Investment Officer Seth H. Fischer, who previously managed Highbridge Capital Management's Asian investment portfolio.

Oasis has gained recognition as an activist investor, known for pursuing significant changes within companies to enhance shareholder value.

The timing of this acquisition follows recent developments regarding PAL Holdings’ restructuring processes.

On January 27, 2025, after completing a debt-for-equity swap, Philippine Airlines’ creditors were given the opportunity to divest their holdings as shares were officially listed at the PSE.

A total of 15.24 billion shares of PAL Holdings were listed, of which 5.04 billion were held by creditors while 10.2 billion shares remained with Buona Sorte Holdings Inc., the controlling shareholder of PAL.

The transaction approved by PAL Holdings’ Board of Directors in February 2023 involved an exchange of 5.04 billion common shares of PAL Holdings in return for shares of Philippine Airlines.

In July 2023, a report indicated that aside from cash received for the share issuance, PAL Holdings also gained 323.77 million common shares from its subsidiary, Philippine Airlines Inc., in the share-swap deal.

The creditors participating in this restructuring primarily included foreign aircraft leasing and financing companies, alongside the Philippine National Bank.

Notably, while the board had authorized the issuance of up to 5.62 billion new shares in exchange for up to 360.67 million PAL shares, only 5.04 billion shares were actually issued to unsecured creditors, as not all creditors opted into the share swap.