PSE Circular for Brokers No. 2029-99
PSE Circular for Brokers No. 2029-99 • Philippine Stock Exchange • Circulars for Brokers • Aug 16, 1999
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August 16, 1999 PSE CIRCULAR FOR BROKERS NO. 2029-99 August 13, 1999 Listings and Disclosure Group PHILIPPINE STOCK EXCHANGE 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, August 13, 1999, approved the transfer of all aviation assets of the aviation unit of the Bank at book value estimated at P260 Million, to PNB Holdings in consideration of an equivalent value of PNBHC common stocks using the unissued portion of the latter amounting to P244 Million, as of June 30, 1999 subject to compliance with all government regulatory requirements. PNBHC will issue notes which are convertible to PNBHC common stock to cover any shortfall that may arise in the foregoing arrangement. cdta (SGD.) RODERICK R. C. SALAZAR III Corporate Secretary
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