NEWSFLASH

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WAL-MART BUYING INTO RP DISCOUNT STORE

Manila, April 3, 1998 - Uniwide Holdings, a Philippine retail chain operator, confirmed reports that it is holding preliminary talks to sell a stake to Wal-Mart Stores Inc.

Susan Ligeralde, Uniwide's investor relations manager, said the discussions were aimed at "identifying possible areas of cooperation in preparation for the possible lifting of the retail trade law banning foreigners from engaging in retail trade."

That would require a change in Philippine law. Congress failed in its last session to pass proposed legislation that would allow foreigners to own shares of retail companies.

"The talks with foreign investors are still preliminary and have not gone into details such as ownership structure," Ligeralde explained.

Uniwide shares plunged to 36 centavos last January, but rebounded to P1.86 after news that foreign investors wanted to buy into the company.

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