March 20, 2000
PSE CIRCULAR FOR BROKERS NO. 709-00
March 17, 2000
Ms. Luisa W. Buenaventura
Supervisor, Disclosure Department
Philippine Stock Exchange
4th Floor, Philippine Stock Exchange Centre,
Exchange Road, Ortigas Center, Pasig City
Dear Ms. Buenaventura :
This is in connection with the news article published in today's issue of the Business World reporting that following a petition filed by First Paragon Corporation (FPC), franchise of Uniwide Holdings, Inc., the Securities and Exchange Commission (SEC) recently approved the release of P3.5 million for every Uniwide Family Store outlet delivered to its new owner, I Mart International Corporation (I Mart). We would like to inform you that the SEC issued an order dated 10 March 2000 authorizing the release of the amount of P3.5 million from the Escrow Fund deposited with Solid Bank Corporation (SBC) per outlet delivered by FPC to I Mart International Corporation (I Mart) and upon submission to SBC of the other documents required. SEC directed FPC to deposit the amounts to be released in a special account, subject to the liens of creditors of FPC on the assets of FPC,...
