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First Pacific Cptl (78JZ)

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Wednesday 26 September, 2001

First Pacific Cptl

BLC declines ALI's proposal

First Pacific Capital (1997) Ld
26 September 2001

FIRST PACIFIC COMPANY LIMITED

PRESS RELEASE

Wednesday, 26 September 2001

BLC DECLINES ALI'S PROPOSAL FOR NORTHERN CBD

The attached press release was distributed today by Metro Pacific Corporation,
in which the First Pacific Group holds an attributable interest of 80.6 per
cent.


Metro Pacific, which is based and listed in Manila, principally holds property
assets, including Bonifacio Land Corporation, Landco Pacific and Pacific Plaza
Towers. Further information on Metro Pacific can be found at
www.metropacific.com

                                    * * *
For further information, please contact:


Metro Pacific Corporation
Jose Ma. Lim                       Tel: (632) 555 0211
Group Vice President
Chief Finance Officer

Michael P. Goco                    Tel: (632) 888 0806
Group Vice President
Corporate Development

Information about First Pacific can be accessed on:
Web Site:              http://www.firstpacco.com/
E-mail:                [email protected]



                          Metro Pacific Corporation

                 BLC DECLINES ALI'S PROPOSAL FOR NORTHERN CBD


Metro Pacific Corporation (MPC) today announced that its subsidiary Bonifacio
Land Corporation (BLC) has decided not to accept the proposal submitted by
Ayala Land Inc. (ALI) to acquire its 55% development rights over the northern
central business district area in the Bonifacio Global City.


In making the announcement, Ricardo S. Pascua, President and CEO of MPC, said:
'After careful consideration, the Board of Directors of BLC has decided not to
accept the offer submitted by ALI. Certain conditions in the offer of ALI were
not in accordance with the terms and conditions stipulated in the disposition
program, and as such could not be acted upon by BLC. MPC is reviewing all its
strategic options with end in view of strengthening its balance sheet and
enhancing the values of its businesses.'


* * *


Background:


  * In 1995, an MPC-led consortium won the bid to act as 55% partner in a
    joint venture with the Philippine government agency BCDA to develop a
    150-hectare portion of the former military base, Fort Bonifacio. The joint
    venture is called FBDC.


  * BLC is the company formed by the MPC-led consortium to hold its shares
    in FBDC. MPC holds a 69.6% interest in BLC.


  * On 28 June 2001, BLC announced that it intended to sell its development
    rights over a 18.9 hectare area of land known as the northern central
    business district, which is located north of S&R Price Club and adjacent
    to the University Park.


  * On 27 August 2001, BLC announced that property firms Ayala Land, Inc.,
    Robinsons Land Corporation and investment firm Penta Capital (as the
    lead-consortium for Penta Capital Investment Corporation, The Philodrill
    Corporation, Anglo Philippine Holdings Corp. and Penta Capital Holdings,
    Inc.) had pre-qualified for the bidding of its 55% development rights in
    respect of the northern central business district.


  * On September 18, 2001, BLC announced that Ayala Land Inc. was the lone
    bidder for the northern CDB.


26 September 2001


                                   

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