Law Offices

November 20, 2003 SEC OPINION NO. 65-03 Law Offices Platon Martinez Flores San Pedro & Leano 6th floor Tuscan Building 114 Herrera Street, Legaspi Village Makati City Attention: Atty. Jose Pacis Flores Gentlemen : This refers to your letter dated 10 November 2003 relative to the requested change of corporate name of your client Sandvik Tamrock (Philippines), Inc. to Sandvik Mining and Construction Philippines, Inc. It is your position that the proposed name of "Sandvik Mining and Construction Philippines, Inc." cannot mislead the investing public that Sandvik is engaged in mining or is a mining company. Aside from pointing out that Sandvik is not a listed company, you also claimed that Filipino businessmen and prospective investors would inquire first on the nature of the company particularly to its purpose and ownership before they deal with said company. However, the Revised Guidelines in the Approval of Corporate and Partnership Names, SEC Memorandum Circular No. 14, particularly states that, DSCIEa In implementing Section 18 of the Corporation Code of the Philippines (B.P. 68), the following revised guidelinesin the approval of corporate and partnership names are hereby adopted for the information and guidance of all concerned: 1. . . . 9. The name should not be patently deceptive, confusing or contrary to existing laws. The business activities of Sandvik Tamrock (Philippines), Inc. being a trading company, primarily involves the selling of mining and construction equipment. However, it clearly appears that the proposed name "Sandvik Mining and Construction Philippines, Inc." suggest that said company is engaged in Mining and Construction activities. Thus, such proposed name can cause confusion in the eyes of the public as well as in the business activities of companies actually engaged in mining and construction activities. To obviate such confusion, it is suggested that the word "Equipment" be inserted in the proposed amendment to the corporate name of Sandvik Tamrock (Philippines), Inc. thereby changing the same to "Sandvik Mining and Construction Equipment Philippines, Inc." Very truly yours, (SGD.) VERNETTE UMALI-PACO General Counsel