Petrofields Corporation
PSE Circular for Brokers No. 771-99 • Philippine Stock Exchange • Circulars for Brokers • Apr 16, 1999
Full text
April 16, 1999 PSE CIRCULAR FOR BROKERS NO. 771-99 SUBJECT : Petrofields Corporation Petrofields Corporation ("PET") furnished the Exchange a copy of its Concept Paper on Corporate Restructuring. The main objective for such a restructuring is to improve the present value of stockholders shares by cleaning the books of PET and offering new shares at a premium. The restructuring plan involves divestment of assets, including high-risk oil projects, by transferring them to its wholly owned subsidiary Petrotech in exchange for Petrotech's shares of stock; reclassification of its stocks to common shares and redeemable preferred shares; redemption of its preferred shares with Petrotech shares; acceptance of fresh capital and ventures into non-oil business and development of its oil assets to regain proper share value. Cdphil A copy of the said document is available for reference at the PSE Library and PSE Administration Office. For your information. Very truly yours, (SGD.) JOSE LUIS U. YULO, JR. President and CEO
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