MANILA, Philippines—The Gatchalian’s Forum Pacific Inc. is selling out of Express Savings Bank Inc., a thrift bank currently under a Bangko Sentral ng Pilipinas-administered rehabilitation.

In a disclosure to the Philippine Stock Exchange, FPI (formerly Air Philippines International Corp.) said its board had ratified the sale of its investment in the bank consisting of 127,415 common shares.

In the same disclosure, the Express Savings Bank said its president, Peter Salud, was authorized to sell the bank’s remaining 162,391 common stocks, subject to the approval of the BSP’s policy-making Monetary Board.

Express Savings Bank is FPI’s principal subsidiary. The other subsidiary is Forum Cebu Coal Corp., which holds 100-percent interest in two coal operating contracts covering areas in Dalaguete and Balamban, Naga in the province of Cebu.

In 2003, its board resolved to convert Express Savings Bank’s license into that of a rural bank. Its current capital is below the minimum capital requirement for a thrift bank outside Metro Manila of P52 million.