PSE Circular for Brokers No. 1673-99
PSE Circular for Brokers No. 1673-99 • Philippine Stock Exchange • Circulars for Brokers • Jul 8, 1999
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July 8, 1999 PSE CIRCULAR FOR BROKERS NO. 1673-99 To: MS. LUISA W. BUENAVENTURA From: Alona Quiambao Fax: 636-0809 Pages: 1 Phone: 636-0122 Date: 07/08/99 Re: Clarification of TODAY article cc: Urgent For Review Please Comment Please Reply Please Recycle Dear Ms. Buenaventura, In reference to your fax requesting for a clarification/confirmation of the news article "DMCI raising P4B to pay debt" published in "Today", we wish to inform you that the story was totally misleading. Apparently, our President, Isidro A. Consunji, was taken out of context when he reported during our stockholders' meeting yesterday that the Company has about P4 billion worth of landbank which can be used to generate cash and construction revenues for DMCI as we pursue our strategy to develop selected sites into middle income housing projects. Hence, it was erroneous to assume that our total debts amounted to P4 billion as stated in the article. As of end-1998, we have about P1.8 billion due to banks and suppliers. We hope this puts the matter in its correct perspective. Sincerely, (SGD.) ALONA QUIAMBAO Corporate Communications Officer
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