PSE Circular for Brokers No. 818-98
PSE Circular for Brokers No. 818-98 • Philippine Stock Exchange • Circulars for Brokers • Apr 27, 1998
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April 27, 1998 PSE CIRCULAR FOR BROKERS NO. 818-98 PRESS RELEASE METRO PACIFIC BOARD APPROVES INCREASE IN RIGHTS ISSUE OF UP TO PESOS 20 BILLION 24 April 1998 At a meeting of the Board of Directors of Metro Pacific Corporation ("Metro Pacific") held earlier today, approval was given in principle to increase the proposed rights issue from Pesos 14 billion to Pesos 20 billion, subject to market conditions and demand. The rights issue proceeds will be used primarily to retire a significant portion of existing head office debt and to support the capital expenditure program of Smart Communications, Inc. The Lead Underwriter for the rights issue will be Philippine National Bank, supplemented by Credit Lyonnais Securities Asia and Nomura International as Joint Lead International Underwriters. The terms of the rights issue, including the price per share, are currently being determined; however, the offering is expected to be completed within the first semester of the year. LLpr Metro Pacific's principal stockholders have expressed their support for the rights issue and, subject to finalization of terms, their intention to subscribe for their proportional share. For further information contact : Rene Banez Group Vice President Tel: 811 0041
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