March 21, 2000
PSE CIRCULAR FOR BROKERS NO. 722-00
SUBJECT : Philippine National Bank
This is with reference to a news article entitled "HK firm joins Lucio Tan, gov't in PNB share sale" published in the March 18, 2000 issue of the Manila Standard which reported that Lucio Tan and the government have agreed to jointly sell their combined 76-percent stake in Philippine National Bank ("PNB") at a minimum price of P160 per share for an estimated P25 billion, according to Finance Secretary Jose Pardo. It was also reported that Hong Kong-based Templeton Asset Management Corporation which has about 13 percent of PNB would sell its stake together with government's block. PNB, in a letter signed by its Corporate Secretary, clarified that:
". . . the undersigned has just been advised by President Feliciano L. Miranda, Jr. that the shareholders referred to in the article are now in the process of negotiating on the terms and conditions of the stockholders' agreement that they plan to enter into."
For your information. IATHaS
(SGD.) MARIA ISABEL T. GARCIA
OIC, Listings and Disclosure Group
