Philippine Estates Corporation
PSE Circular for Brokers No. 2198-99 • Philippine Stock Exchange • Circulars for Brokers • Sep 2, 1999
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September 2, 1999 PSE CIRCULAR FOR BROKERS NO. 2198-99 SUBJECT : Philippine Estates Corporation This is with reference to a news article published in the September 1, 1999 issue of the Philippine Daily Inquirer which reported that Mr. William Gatchalian is being sued by U-Land Airlines for fraud for its $7.5 million remittance to the Wellex Group for the acquisition of 35% of Air Philippines International Corporation ("AIR") and 35% of Philippine Estates Corporation ("PHES"). prcd PHES, in a letter to the Exchange, clarified that: ". . . As far as the Philippine Estates Corporation is concerned, please be informed that it is not a subject of suit by U-Land Airlines. Furthermore, U-Land Airlines has not purchased 35% of the company." For your information. LexLib (SGD.) ATTY. RUBEN L. ALMADRO Officer-in-Charge
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