Philippines News Archives

Tuesday, June 08, 1999

AC ( 06/08/1999 : PSE )
Further to Circular for Brokers No. 962-99 dated May 3,1999 pertaining to the purchase by Filnet Holdings, Inc., a 100%-owned subsidiary of Ayala Corporation ("AC"), of 75% ownership in Visay-Tech, Inc. from Citadel Holdings, Inc., AC informed the Exchange that: "xxx the purchase by Filnet Holdings, Inc. of a 75% stake in Visay-Tech from Citadel was made through a cash payment of US$14 M. The remaining stakes of Citadel in Asiacom Philippines, Inc. (40%) and Islacom (4.5%) were purchased by Visay-Tech and Asiacom, respectively. Consequently, Citadel ceased to be a shareholder of Visay-Tech, Asiacom and Islacom. At present, Visay-Tech has a 36% effective ownership in Islacom through its 60% ownership in Asiacom. We would like to emphasize that this arrangement was made to enable Filnet to conduct a thorough due diligence of Islacom. After the due diligence, there will still be negotiations and disclosure related to valuation, structure and percentage of ownership in the combined entity." Copies of the 1998 and 1997 financial statements and the general information sheet of Visay-Tech., Inc. are available for reference at the PSE Library and PSE Plaza Administration Office.
- posted by StockMarket @ 3:14 PM

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