PSE Circular for Brokers No. 2070-99
PSE Circular for Brokers No. 2070-99 • Philippine Stock Exchange • Circulars for Brokers • Aug 20, 1999
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August 20, 1999 PSE CIRCULAR FOR BROKERS NO. 2070-99 Press Release Steniel Buys Out JV Partner in Treasure Packaging Steniel Manufacturing Corporation (SMC) announced today that it acquired 40 per cent of Treasure Packaging Corporation (TPC) from its joint venture partner Treasure Island Industrial Corporation (TIIC). This transforms TPC, which runs the Cebu packaging operations, into a 100 per cent owned subsidiary of SMC. The transaction, which was paid for in cash worth Pesos 25.6 million, aims to consolidated all of SMC's operations in the country into 100 per cent owned and operated subsidiaries. TPC generated revenues of Pesos 257 million, up 22 per cent for full-year 1998 and profits of Pesos 8.4 million, from losses of P12 million the previous year. Its annual production capacity of 9,600 metric tons of corrugated cartons is 91 per cent utilized. TPC currently enjoys a 40 per cent market share, currently the biggest in Cebu. For further information contact: IAN CHRISTOPHER WILSON Director Steniel Manufacturing Corporation Tel. No . 810-5345 CORAZON P. GUIDOTE Group Vice President Metro Pacific Corporation Tel. No . 811-0367
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