Philippine National Bank
PSE Circular for Brokers No. 2592-98 • Philippine Stock Exchange • Circulars for Brokers • Nov 16, 1998
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November 16, 1998 PSE CIRCULAR FOR BROKERS NO. 2592-98 SUBJECT : Philippine National Bank Philippine National Bank ("PNB") clarified to the Exchange, in a letter dated November 12, 1998, a news article published in the November 11, 1998 issue of Today which reported that PNB is no longer willing to infuse additional investment and might even sell its stake in Philippine Airlines (PAL). PNB, in letter to the Exchange, explained that: ". . . Please be informed that the statement alluded to PNB Chair Edgardo Angara in the November 11, 1998 issue of Today was an offshoot of preliminary and highly tentative proposals regarding the recapitalization of PAL. In essence, this statement should be viewed in that light and for all intents and purposes, should be taken as just one of those possibilities that may be looked at once the offers for the recapitalization of PAL have been made firm and official." For your information. (SGD.) JOSE LUIS U. YULO, JR. President and CEO
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