PSE Circular for Brokers No. 2556-99
PSE Circular for Brokers No. 2556-99 • Philippine Stock Exchange • Circulars for Brokers • Oct 8, 1999
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October 8, 1999 PSE CIRCULAR FOR BROKERS NO. 2556-99 October 7, 1999 PHILIPPINE STOCK EXCHANGE PSE Center, Exchange Road Ortigas Center, Pasig City Attention: Disclosure Department Listing and Disclosure Group Gentlemen: Please be advised that pursuant to the restructuring of the Keppel Group of Companies in the Philippines which is now on the second phase, the Board of Directors of KEPPEL PHILIPPINES, HOLDINGS, INC . ( KPHI ) in its meeting today (7 October 1999) at 11:00 a.m. at Unit 3-C County Space I Building, Sen. Gil J. Puyat Ave.; Salcedo Village, Makati City, had approved the following: Acquisition of KPH Share in Exchange of KPPI Shares with Keppel Land Ltd./Swansville Pte. Ltd. (Keppel Land/Swansville) and Keppel Philippines Properties , Inc. (KPPI) under a share Swap Agreement. LexLib KPHI will acquire 159,242,289 and 100,508,087 Keppel Philippines Marine, Inc. (KPM) shares from Keppel Philippines Properties, Inc. (KPPI) and KPM, respectively. In exchange, KPHI shall transfer its shareholdings of 65,666,492 shares in KPPI to Keppel Land/Swansville. The proposition of the said share-for transfer swap shall be 3.9556 KPM shares for each KPPI share, which is based on the following: a. 12 times average 3 years earnings for KPM b. Discount of 40 % of Net Asset Value (NAV) We trust that the above disclosure complies with the rules and regulations of the Exchange. Very truly yours, (SGD.) CHEE FOOK MENG Corporate Information Officer
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