Asiatrust Development Bank, Inc.
PSE Circular for Brokers No. 1221-99 • Philippine Stock Exchange • Circulars for Brokers • May 27, 1999
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May 27, 1999 PSE CIRCULAR FOR BROKERS NO. 1221-99 SUBJECT : Asiatrust Development Bank, Inc . Asiatrust Development, Bank, Inc. ("ASIA") clarified to the Exchange a news article entitled "Asiatrust eyes Active Bank" published in the May 25, 1999 issue of the Philippine Daily Inquirer. The article reported that ASIA is considering buying the Turralba family's controlling stake in Active Bank for over P300 million. The source also said that after the acquisition, ASIA would absorb Active Bank through a merger. cdll In its letter dated 25 May 1999, ASIA stated that: ". . . Asiatrust Bank was, and still is, currently in discussion with a group for a possible acquisition of a majority stake in a thrift bank. As of today, May 25, 1999, there is nothing concrete in said discussion, and given its preliminary character, there are no definitive agreement(s) and/or understanding(s) which are disclosable. . . ." For your information. (SGD.) JOSE LUIS U. YULO, JR. President and CEO
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