The Stock Exchange of Hong Kong Limited takes no responsibility for the contents of this statement, makes no representation as to its accuracy or completeness and expressly disclaims any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this statement.
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| FIRST PACIFIC COMPANY LIMITED | FPB BANK HOLDING COMPANY LIMITED |
| (Incorporated in Bermuda with limited liability) | (Incorporated in Bermuda with limited liability) |
JOINT STATEMENT
| Response to report on negotiations to sell First Pacific Bank Limited |
This joint statement is made at the request of The Stock Exchange of Hong Kong Limited.
The Boards of Directors of both First Pacific Company Limited ("First Pacific") and FPB Bank Holding Company Limited ("Holdco") have noted today's newspaper articles indicating that there are negotiations with China Everbright Group relating to the possible sale of First Pacific Bank Limited ("Bank").
Each of First Pacific and Holdco denies that it is engaged in any negotiations or has entered into any agreement(s) with any bank(s) with a view to selling the Bank. However, as previously stated, First Pacific is continually engaged in reviewing strategic alternatives as regards each of its investments, including the Bank.
In this regard, First Pacific has considered, among others, the possibility of selling all or a part of its investment in the Bank and has received expressions of interest from various parties.
Nonetheless, the boards of the two companies, deny that there are any negotiations or agreements relating to an intended sale of the Bank that are discloseable under paragraph 3 of the Listing Agreement and the boards also are unaware of any other matter discloseable under the general obligation imposed by paragraph 2 of the Listing Agreement, which is or may be of a price-sensitive nature.
However, if and when any such negotiations result in any agreement, the companies shall provide full information to the Stock Exchange and to the investing public, so that each is fully informed on the matter.
Made by order of the boards of each of First Pacific and Holdco, the directors of which, individually and jointly, accept full responsibility for the accuracy of this joint statement.
| By Order of the Board | By Order of the Board |
| FIRST PACIFIC COMPANY LIMITED | FPB BANK HOLDING COMPANY LIMITED |
| Manuel V. Pangilinan | Manuel V. Pangilinan |
| Managing Director | Chairman |
Hong Kong, 13th October 1998
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