Bilyonaryo Lucio Tan has offered to buy out minority shareholders in unlisted flag carrier Philippine Airlines through a share-swap transaction to give them an opportunity to monetize their investments.

The Tan-led PAL Holdings Inc. has approved the exchange of shares at a ratio of five PAL shares for one share of PAL Holdings.

“Assuming that all minority investors of PAL exchange their shares, PAL Holdings will issue 398.77 million shares from its unissued shares to over 5,000 minority shareholders,” a filing with the stock exchange said.

As a consequence of the transaction, PAL Holdings will own 100 percent of Asia’s oldest airline.

“We expect that the implementation of the transaction will extend to the first quarter of 2017 due to the widely held shares of PAL’s minority shareholders,” PAL Holdings said.

The minority stake being acquired comprises 1.66 percent of PAL’s total outstanding shares.