23rd July 1999
METRO PACIFIC TO ISSUE PESOS 720 MILLION
OF THREE-YEAR CONVERTIBLE PREFERRED SHARES
First Pacific Company Limited's Philippines flagship, Metro Pacific Corporation ("MPC") announced today that its Board of Directors has authorized the issuance of a Peso denominated Convertible Preferred Shares in an aggregate amount of Pesos 720 million, subject to the exemption of the same from registration under the Revised Securities Act.
The preferred shares will carry a dividend rate of 10 per cent, with a premium to be paid on redemption that will equate to a cumulative yield over the full term of 15 per cent. The preferred shares will provide for redemption after three years, but conversion is permitted throughout the period based on a conversion price of Pesos 2.2455 per share, representing a premium of 12.5 per cent over the prevailing market price.
ING Barings has been given the mandate to arrange the private placement of the preferred shares with local trust accounts, insurance corporations and similar institutions. As a result of initial indications of strong interest in the issue, the offer size was increased to accommodate the total interest of Pesos 720 million.
The proceeds from the preferred shares will be used to fund the continued development of Pacific Plaza Towers, MPC's signature residential condominium in Fort Bonifacio. The three-year term of the shares is designed to allow for the full completion of the development and the sale of all units. With continued interest in Pacific Plaza Towers following the recent opening of the designed show units, management remains confident that the project will be the premier residential development in the Philippines.
For further information ,please contact:
| Metro Pacific Corporation | |
| Corazon P. Guidote Group Vice President Corporate Communications and Investor Relations | Tel: (632) 811 0367 or 811 0055 |
| First Pacific Company Limited | |
| Sara Cheung Manager, Group Corporate Communications | Tel: (852) 2842 4336 |
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 |
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