PSE Circular for Brokers No. 1377-98
PSE Circular for Brokers No. 1377-98 • Philippine Stock Exchange • Circulars for Brokers • Jun 19, 1998
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June 19, 1998 PSE CIRCULAR FOR BROKERS NO. 1377-98 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 : Further to our letter of June 3, 1998 informing your office of the complaint filed by the National Power Corporation (NPC) against Electronic Telephone Systems Industries, Inc. (ETSI) and Philippine Long Distance Telephone Company (PLDT) for damages allegedly sustained by NPC's submarine power cables, we advise that, after consultations with our lawyers recently, we will immediately move for the dismissal of the complaint as against PLDT "for failure to state a cause of action." In this connection, ETSI's joint venture company, Siemens AG, has committed to PLDT that "Siemens AG, Siemens inc. and ETSI shall hold PLDT harmless and free from any claim that may be made by the power cable owner or any other party who may claim any damages on account of the subject incident." Very truly yours, PHILIPPINE LONG DISTANCE TELEPHONE COMPANY (SGD.) ENRIQUE D. PEREZ Senior Executive Vice President
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