PSE Circular for Brokers No. 1564-99
PSE Circular for Brokers No. 1564-99 • Philippine Stock Exchange • Circulars for Brokers • Jun 30, 1999
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June 30, 1999 PSE CIRCULAR FOR BROKERS NO. 1564-99 June 29, 1999 Listing & Disclosure Group Disclosure Department Philippine Stock Exchange, Inc. PSE Center Ortigas Center Pasig City Attention: Ms . Grace de Guia RE : Solid Group Inc . Gentlemen : We wish to advise you that Civil Case No. 99-923 entitled " Metropolitan Bank and Trust Co . vs . Solid Corporation, et al .," has been filed before the Regional Trial Court in Makati City. Solid Corporation is a subsidiary of Solid Group Inc. Solid Corporation has not been properly served with summons, and it has entered its special appearance to question the jurisdiction of the trial court over it. The case involves a claim in the total amount of P154,520,970.40 under a letter of credit obtained by Solid Corporation from the Metropolitan Bank and Trust Co. Solid Corporation and SGI are of the opinion that since the letter of credit of Solid Corporation had been fraudulently negotiated, Solid Corporation has valid defenses and strong legal grounds to contest the said case. Very truly yours, (SGD.) ENRIQUE L. LIGERALDE VP & Chief Operating Officer
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