NEWSFLASH

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BENPRES RIGHTS OFFER SET DEC. 2

Manila, Oct. 24, 1997 - Benpres Holdings Corp announced yesterday that it would start offering its stock rights on December 2. The offer period for the 2-for-5 rights will end on December 16.

Share holders as of November 19 are eligible to buy the shares which would be offered at 10 to 20 percent discount from the average closing price five days before the fixing date, the company told the Philippine Stock Exchange. The price fixing date is November 6.

Benpres is offering 1.307 million shares and hopes to generate P7.841 to P9.147 billion from the exercise. About P5.1 billion would be given to its parent Lopez Inc which gave n advance to the company earlier this year. The rest of the proceeds will be distributed to its affiliates.

Benpres has investments in telecommunications, real estate, infrastructure, bank, media and utilities.

Benpres is the first major company to make a stocks offering after the financial crisis hit the Philippines.

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