PSE Circular for Brokers No. 1614-99
PSE Circular for Brokers No. 1614-99 • Philippine Stock Exchange • Circulars for Brokers • Jul 5, 1999
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July 5, 1999 PSE CIRCULAR FOR BROKERS NO. 1614-99 July 2, 1 999 Listings and Disclosure Group 4/F Philippine Stock Exchange Center PSE Center, Exchange Road Ortigas, Pasig City Attention: Disclosure Department Gentlemen : We wish to advise the Philippine Stock Exchange that the Board of Directors of the Philippine National Bank in its regular meeting held today, July 2, 1999, approved the following subject to the approval of the proper regulatory bodies, viz: 1. Spin-off and transfer of the Remittance Processing Division to PNB Forex, Inc. or its related companies to be organized for this purpose. LLphil 2. Authority for Management to set up the Holding Company, the Intermediate Company, as well as all required Operating Companies in connection with the proposed spin-off of the remittance business in line with the structure recommended by Price Waterhouse Coopers. (SGD.) RODERICK R. C. SALAZAR III Corporate Secretary
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