H. No. 3521 / 98 OG No. 48, 6948 (Dec. 2, 2002) ; Standard 9/13/02
"SECTION 1. Nature and Scope of Franchise. - Subject to the provisions of the Constitution and applicable laws, rules and regulations, there is hereby granted to Aboitiz One, Inc., hereunder referred to as the grantee, its successors or assigns, a franchise to establish, operate and maintain transport services for the carriage of goods, mails and other property by air, both domestic and international."
"SEC. 9. Public Equity Participation. - In accordance with the constitutional mandate to democratize ownership of public utilities, the herein grantee shall make the public offering through the stock exchange of at least thirty percent (30%) of its common stock within a period of fifteen (15) years from the date of effectivity of this Act: Provided, That no single person or entity shall be allowed to own more than five percent (5%) of the stock offering."
(Sgd.) FRANKLIN M. DRILON | (Sgd.) JOSE DE VENECIA JR. |
President of the Senate | Speaker of the House of Representatives |
(Sgd.) OSCAR G. YABES | (Sgd.) ROBERTO P. NAZARENO |
Secretary of the Senate | Secretary General House of Representatives |