Ayala Land, Inc.
PSE Circular for Brokers No. 1796-99 • Philippine Stock Exchange • Circulars for Brokers • Jul 20, 1999
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July 20, 1999 PSE CIRCULAR FOR BROKERS NO. 1796-99 SUBJECT : Ayala Land, Inc . In reply to the Exchange's query regarding a news article published in the July 19, 1999 issue of the Business World, which reported that Mr. William T. Gatchallian recently bought Davao Insular Hotel Co., Inc., a fully owned-hotel by Ayala Land, Inc. ("ALI"), for P500 million, ALI, in a letter to the Exchange, clarified that: LLpr ". . . We advise that Ayala Hotels, Inc., and not Ayala Land, has entered into preliminary agreement with the Wellex Group, Inc. for the sale of the equity stake of Ayala Hotels, Inc. in Davao Insular Hotel Co., Inc. The sale transaction remains subject to the fulfillment of certain conditions and thus has not been consummated as of date hereof. . . ." For your information. (SGD.) JOSE LUIS U. YULO, JR. President and CEO
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