19th January 1999
FIRST PACIFIC'S METRO PACIFIC ANNOUNCES SOCIAL SECURITY SYSTEM BUYS PESOS 897 MILLION OF ITS SHARES
First Pacific Company Limited's Philippines flagship, Metro Pacific Corporation ("MPC"), announced that the Social Security System ("SSS") has acquired from Metro Pacific Corporation 440 million shares worth Pesos 897 million (approximately US$23 million) today, principally as a long-term investment. The price per share is Pesos 2.04, being a 7% discount to yesterday's closing price of an ordinary share of Metro Pacific on the Philippine Stock Exchange which was Pesos 2.20. After this, the total number of Metro Pacific outstanding share is 17.3 billion shares. The decision by the SSS Investment Committee to include MPC shares in its portfolio of Philippine stocks follows a careful review of MPC's fundamentals and longer-term prospects. In the last two years, SSS has invested in the bond issue of MPC's property subsidiary, Bonifacio Land Corporation. More recently, it also acquired an equity position in the development of Capital Place, the premiere mixed-use business district at Fort Bonifacio that will house the unified Philippine Stock Exchange in 2004.
MPC's President and Chief Executive Officer, Napoleon L. Nazareno, commented "The increased investment of SSS in the overall MPC group provides affirmation of our vision to develop a world-class city within Fort Bonifacio in addition to our other strategic initiatives. SSS is becoming one of our most important supporters in achieving this vision, and we welcome them in MPC as one of our significant shareholders."
Following this, First Pacific's economic interest in Metro Pacific will be reduced to 87.9 per cent from 90.1 per cent.
For further information, please contact:
| Metro Pacific Corporation Cora P. Guidote | Tel: (632) 811 0367 |
| Group Vice President Corporate Communications & Investor Relations | |
| First Pacific Company Limited Sara Cheung | Tel: (852) 2842 4336 |
| Manager, Group Corporate Communications |
First Pacific Company's information can also be accessed on:
| Web Site: |
http://www.firstpacco.com http://www.irasia.com/listco/hk/firstpac |
E-mail: info@firstpac.com.hk |
| © Copyright 1996-2008 irasia.com Ltd. All rights reserved. |
|
DISCLAIMER: irasia.com Ltd makes no guarantee as to the accuracy or completeness of any
information provided on this website. Under no circumstances shall irasia.com Ltd be liable
for damages resulting from the use of the information provided on this website.
TRADEMARK & COPYRIGHT: All intellectual property rights subsisting in the contents of this website belong to irasia.com Ltd or have been lawfully licensed to irasia.com Ltd for use on this website. All rights under applicable laws are hereby reserved. Reproduction of this website in whole or in part without the express written permission of irasia.com Ltd is strictly prohibited. TERMS OF USE: Please read the Terms of Use governing the use of our website. |