PSE Circular for Brokers No. 1352-98
PSE Circular for Brokers No. 1352-98 • Philippine Stock Exchange • Circulars for Brokers • Jun 17, 1998
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June 17, 1998 PSE CIRCULAR FOR BROKERS NO. 1352-98 The Listing and Disclosure Group Philippine Stock Exchange PSE Center, Exchange Road Ortigas Center, Pasig City In response to your request for a written clarification on the bank's equity stake in PAL and its loan exposure to the company, the Philippine National Bank would like to disclose to you the following: "PNB has an equity stake in PAL and has made valuation adjustments. The bank's original investment in PAL through PR Holdings amounted to P752 million. The bank has made valuation adjustments to this investment and has marked this down to P350 million in its books. In the long term, we believe that these investments shall be recovered. PNB's loan exposure to PAL are all secured and while the prevailing difficulties of PAL would require rescheduling of payments, the bank is confident that all of the bank's exposure in PAL will be fully satisfied over time." (SGD.) WALDO Q. FLORES Corporate Secretary & Chief Legal Counsel
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