ABOITZ'S WG&A TO SELL 40% OF SHARES

Manila, May 29, 2003 -- WG&A, Inc. an Aboitiz-owned shipping firm plans to 
sell as much as 40 percent of the company to the public in the next three 
years.

WG&A president and CEO Enrique Aboitiz, jr. said the shipping firm's 
long-term plan is to allow more investors in the company.

The Aboitiz now owns 90 percent of the publicly listed shipper, after 
buying out 881.62 million WG&A shares held by the Gothong and Chiongbian 
groups last year.

However, Aboitiz said market conditions are not conducive to do the public 
offering at this time. He said the company may see a need to raise capital 
from the markets in the future.

"Over the long term, our plan is to put much more in public hands, but as 
to the means and the structure, we don't know yet because the market is not 
yet conducive," he said.

At the same time, Aboitiz said the company is still studying the 
consolidation of its transport-related businesses under a single entity. 
Last year, the Aboitiz had plans to consolidate its transport business 
under a group to replace WG&A. it even hired an Australian consultant.

Aboitiz said it is looking at a slight growth in both its freight and 
passenger business this year.

In the first four months, the company registered an increased market share 
in more ports, because of more sailings. (PNA)

Reported by: Sol Jose Vanzi

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