ATI rights issue fully subscribed

March 10, 1999 PSE CIRCULAR FOR BROKERS NO. 449-99 ATI rights issue fully subscribed The P1 billion rights offer of publicly listed port operator Asian Terminals Inc. (ATI) fully subscribed at the cut-off of the offer period last Monday, March 8. ATI, which operates South Harbor, Mariveles Grain Terminal, Calabarzon Logistics Center and the Batangas Port, offered one billion new common shares at P1 each via a rights basis starting last February 24. The company has a pending application at the Securities and Exchange Commission (SEC) for an the increase in the company's authorized capital stock from P1.2 billion to P4 billion divided into four billion shares valued at P1 per share. LLjur Aside from improving company profitability, the move is expected to result in a stronger balance sheet, better credit standing and ability to source future funding as well as better liquidity for share prices. Majority of the P1 billion proceeds will be used for the immediate liquidation of existing short-term loans which currently carry high interest rates as a direct result of the currency, crisis in Asia. Liquidating the loans is expected to immediately improve the company's profitability as substantial interest charges will be eliminated. Expected listing date of new shares at the Philippine Stock Exchange (PSE) will be on March 29.