PSE Circular for Brokers No. 629-99
PSE Circular for Brokers No. 629-99 • Philippine Stock Exchange • Circulars for Brokers • Mar 30, 1999
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March 30, 1999 PSE CIRCULAR FOR BROKERS NO. 629-99 March 29, 1999 Philippine Stock Exchange, Inc. PSE Center, Exchange Road Ortigas Center, Pasig City Attention: Arlene E . Edades Analyst, Disclosure Department Gentlemen : STENIEL MANUFACTURING CORPORATION ("Steniel") We refer to facsimile of today citing a newspaper article indicating that Steniel is to arrange for a debt rescheduling, and seeking comments from the Company regarding the accuracy of the information contained therein. Steniel is more than adequately capitalized, particularly following receipt of Pesos 700 million in cash in December 1998 from the sale of one of its subsidiaries. As of 31 December 1998 the consolidated debt to equity ratio was only 0.93:1 and Steniel reported net income of Pesos 146 million for the year then ended. Steniel is not seeking to enter into a formal restructuring with its creditors, as implied in the article, and is solely liaising with institutions in respect of maturing obligations with respect to the new terms and conditions. Very truly yours, (SGD.) IAN C. WILSON Director
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