PSE Circular for Brokers No. 1134-99
PSE Circular for Brokers No. 1134-99 • Philippine Stock Exchange • Circulars for Brokers • May 19, 1999
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May 19, 1999 PSE CIRCULAR FOR BROKERS NO. 1134-99 The Philippine Stock Exchange PSE Center Exchange Road Pasig City Attention: Compliance and Disclosure Department Ladies and Gentlemen : The newspaper report which came out in today's issue of Business World stating that Benpres Holdings Corporation intends to divest in its subsidiaries in Maynilad Water Services, Inc. and First Philippine Infrastructure Development Corporation to reduce its stakes to minority shareholdings is not true . The allegation that Benpres's decision to reduce its equity in the two companies was due to political bottlenecks associated with tariff approvals and huge concession fees is also not true. What Benpres intends to do in the future is to partner with strategic investors and financial investors who will take minority interests, directly or indirectly, in its infrastructure projects. Benpres will continue to be in control of these companies. LLphil Very truly yours, (SGD.) ENRIQUE I. QUIASON Corporate Secretary
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