Banco Filipino Savings and Mortgage Bank
PSE Circular for Brokers No. 1397-98 • Philippine Stock Exchange • Circulars for Brokers • Jun 23, 1998
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June 23, 1998 PSE CIRCULAR FOR BROKERS NO. 1397-98 SUBJECT : Banco Filipino Savings and Mortgage Bank Banco Filipino Savings and Mortgage Bank ("BF") informed the Exchange, in a letter dated June 19, 1998, that the Bangko Sentral ng Pilipinas (BSP), in its letter dated May 5, 1998, disapproved the 20% stock dividend, previously disclosed in Circular No. 588-98, declared by the Board of Directors on March 18, 1998 and ratified by its stockholders on March 27, 1998. The BSP, in its letter to BF, said that after "imputing interest on the BSP claims and advances", the 20% stock dividend will result to a negative Surplus in the bank's books. BF, however, has sought the reconsideration of the Monetary Board's action and believes that it can obtain a reversal in light of the previous stock dividend declarations which were all approved. For your information. (SGD.) REYNOLD P. ONG Vice-President, Listings and Disclosure Group
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