"30 Days of Cathay, as PAL's Fate Hangs"
PSE Circular for Brokers No. 2275-98 • Philippine Stock Exchange • Circulars for Brokers • Sep 30, 1998
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September 30, 1998 PSE CIRCULAR FOR BROKERS NO. 2275-98 September 29, 1998 Disclosure Department Philippine Stock Exchange PSE Center, Exchange Road Ortigas Center, Pasig City SUBJECT : "30 Days of Cathay, as PAL's Fate Hangs" In connection with your facsimile letter of September 28, 1998 regarding a news article captioned "30 days for Cathay, as PAL's fate hangs" which was published in the September 28, 1998 issue of Today, we are submitting the following response: PNB Holdings, as subsidiary of the Philippine National Bank, has entered into a wet lease agreement with Cathay Pacific Airlines, on a temporary basis on September 27, 1998, with the objective of filing in the air transport gap that has arisen due to the closure of PAL. PNB Holdings' participation in this agreement is temporary, initially for 30 days, and is viewed as a stopgap measure in the meantime that a solution to the PAL problem is being formulated. Very truly yours, (SGD.) REMEDIOS MONTECASTRO-LIM Corporate Secretary
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