In a disclosure to the Philippine Stock Exchange and Securities and Exchange Commission, managing director and compliance officer Renato O. Marzan said that Ayala Corporation has signed today a definitive agreement covering the purchase from DeTeAsia Holding GmbH of 10,037,565 common shares of Globe Telecom, Inc. at P 680 per share.
The transaction is expected to close on 30 October 2003 and is subject to exchange and regulatory approval.
In a letter to the Philippine Stock Exchange, Ayala Corporation confirmed that its wholly owned subsidiary AC International Finance Limited (ACIFL) has arranged a US$100 million syndicated term loan facility with BNP Paribas, Standard Chartered Bank and ING Bank.
The purpose of the loan is to refinance ACIFL’s maturing loan obligations in 2004 and not to fund the acquisition of the 10.04 million shares of Globe Telecom that Ayala Corporation has agreed to purchase from DeTeAsia Holding GmbH.
Ayala Corporation has accepted the offer from DeTeAsia Holding GmbH (DT) to purchase 16,037,565 common shares of Globe Telecom, Inc. at P 680 per share.
Ayala has advised DT that it reserves its option to designate Globe Telecom Inc. or any of its affiliates or another affiliate of Ayala to purchase part of its Accepted Shares prior to the execution of the share purchase agreement.
The above information is being disclosed in accordance with the disclosure rules of the Securities and Exchange Commission and the Philippine Stock Exchange.
(Sgd) RENATO O. MARZAN
Managing Director & Compliance Officer
Ayala Corporation and Singapore Telecom International Pte. Ltd. have received late yesterday, 13 October 2003, from DeTeAsia Holding GmbH (DT) a new offer to sell DT’s entire shareholdings in Globe Telecom, Inc. The offer covers 37,674,681 common shares of Globe. The new offer however is not contingent upon all of the total number of shares offered being purchased by Ayala and Singtel.
Ayala and SingTel will evaluate DT’s offer and will revert to DT within 45 days with their decision in accordance with the rights of first offer among the three parties.
The above information is being disclosed in accordance with the disclosure rules of the Securities and Exchange Commission and the Philippine Stock Exchange.
(Sgd) RUFINO LUIS T. MANOTOK
Managing Director, Corporate Strategy