irasia.com

First Pacific Company Limited

Press Release

20th March 1997

FIRST PACIFIC’S PHILIPPINE FLAGSHIP METRO PACIFIC

ANNOUNCES DISPOSAL OF INTEREST IN PHILIPPINE COCOA CORPORATION


First Pacific Company Limited announces that its flagship company in the Philippines, Metro Pacific Corporation (MPC) today reported that it has reached agreement with Nestlé Philippines, Inc. (Nestlé) to dispose of MPC’s entire interest in Philippine Cocoa Corporation (PCC). The sale will be effective immediately and will result in a gain on disposal for MPC in 1997.

PCC is one of the leading confectionery companies in the Philippines and, since 1995, has been implementing a major rehabilitation programme of its manufacturing facility to increase capacity and improve operational efficiency.

MPC is a publicly-listed diversified Philippines conglomerate with substantial interests in property, telecommunications, banking, packaging and consumer products. The disposal of PCC will enable MPC’s consumer products division to focus on the further development of its core personal care and packaged water and wine products to achieve a leadership position in those areas. Nestlé, the Philippines subsidiary of the Swiss-based group, manufactures and sells an extensive range of confectionery products, which will be complemented by the acquisition of major local brands and PCC’s local production capacity.

* * *

For further information, please contact:

 

Robert Sherbin Tel: (852) 2842 4380

Group Vice President

Corporate Communications

First Pacific Company Limited

 

Seumas Gallacher Tel: (632) 811 0053

Executive Director

Special Assistant to the President

Metro Pacific Corporation

 

Chris Young Tel: (632) 811 0029

Finance Director

Metro Pacific Corporation

Company information can also be accessed on:
Internet: irasia.com/listco/hk/firstpac
E-mail: info@firstpac.com.hk

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