PSE Circular for Brokers No. 1001-99
PSE Circular for Brokers No. 1001-99 • Philippine Stock Exchange • Circulars for Brokers • May 6, 1999
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May 6, 1999 PSE CIRCULAR FOR BROKERS NO. 1001-99 MS. GRACE B. DE GUIA Assistant Manager, Disclosure Department Philippine Stock Exchange, Inc. PSE Center, Exchange Road Ortigas Centre, Pasig City Dear Ms. De Guia. This has reference to the news article that appeared in today's issue of Business World alleging that C & P asks for grace period to develop land Properties to pay off maturing liabilities worth P15 OB We would like to reiterate our previous statement that in the normal course of business, we discuss with our creditor banks possible ways and means of getting better credit terms and/or rationalizing our standing bank loans. However, the company has not requested its creditor banks for a one year grace period to develop its landholdings to partially pay off P15.OB worth of debts as the article reported. Further, we would like to clarify that PNB has no exposure in our company. Sincerely yours, (SGD.) JERRY M. NAVARRETE President
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