PSE Circular for Brokers No. 1246-98
PSE Circular for Brokers No. 1246-98 • Philippine Stock Exchange • Circulars for Brokers • Jun 4, 1998
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June 4, 1998 PSE CIRCULAR FOR BROKERS NO. 1246-98 June 3, 1998 Philippine Stock Exchange 4/F Philippine Stock Exchange Center PSE Center, Exchange Road, Ortigas Center Pasig City Attention: Disclosure Department Listing and Disclosure Group Gentlemen: In compliance with the disclosure requirements of the Exchange, we wish to advise that on May 29, 1998, the National Power Corporation ("NPC") filed a complaint with the Regional Trial Court National Capital Judicial Region, Branch 98, Quezon City, against Electronic Telephone Systems Industries, Inc. (ETSI) and Philippine Long Distance Telephone Company (PLDT) for damages sustained by the submarine power cables of NPC allegedly as a result of the laying by ETSI/Siemens of telecommunications cables in the waters of Leyte-Cebu. In its Complaint, NPC prayed for the replacement of the damaged cables and payment of US$17.6 Million representing cost of repair, P950 Million for revenue losses, P2 Billion for lost stored energy, P150 Million for compensatory and exemplary damages, P10 Million for litigation expenses, and interest. Very truly yours PHILIPPINE LONG DISTANCE TELEPHONE COMPANY (SGD.) ENRIQUE D. PEREZ' Senior Executive Vice President
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