PHILIPPINE businessman Antonio Cojuangco had his grasp on Philippine Airlines loosened further yesterday after he lost his seat on the board of PR Holdings, the consortium which has a majority stake in the airline.
At a board meeting held yesterday, Mr Cojuangco did not have the proxy vote that would have kept him on the board.
It is believed that Capital Resources, one of biggest mutual funds in the United States, resisted from giving its crucial proxy vote to Mr Cojuangco.
Mr Cojuangco and Capital are apparently at odds over the proposed dissolution of PR Holdings.
Capital, together with three other overseas mutual funds, has a 5.5 per cent stake in PR Holdings.
PR Holdings, which acquired 67 per cent of the Philippine Government's share of the airline for US$375 million last year, was until recently led by Mr Cojuangco.
