C06402-2016

SECURITIES AND EXCHANGE COMMISSIONSEC FORM 17-C

CURRENT REPORT UNDER SECTION 17
OF THE SECURITIES REGULATION CODE
AND SRC RULE 17.2(c) THEREUNDER

1. Date of Report (Date of earliest event reported)
Nov 14, 2016
2. SEC Identification Number
CS200511816
3. BIR Tax Identification No.
239-508-223-000
4. Exact name of issuer as specified in its charter
8990 Holdings inc.
5. Province, country or other jurisdiction of incorporation
Metro Manila, Philippines
6. Industry Classification Code(SEC Use Only)
7. Address of principal office
11th Floor, Liberty Center, H.V. dela Costa Street, Salcedo Village, Makati City Postal Code 1200
8. Issuer's telephone number, including area code
+634789659
9. Former name or former address, if changed since last report
N/A
10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA
Title of Each Class Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding
Common Shares 5,517,990,720
Fixed Rate Bonds 9,000,000,000
11. Indicate the item numbers reported herein
Item 9

The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.

8990 Holdings, Inc.HOUSE

PSE Disclosure Form 4-13 - Clarification of News Reports References: SRC Rule 17 (SEC Form 17-C) and
Section 4.4 of the Revised Disclosure Rules

Subject of the Disclosure

Clarifications of News Reports
Source The Manila Times (Internet Edition)
Subject of News Report 8990 to offer P3B in 2017
Date of Publication Nov 14, 2016
Clarification of News Report

We reply to your request for clarification on the news article entitled “8990 to offer P3B in 2017” posted in The Manila Times (Internet Edition) on November 14, 2016. The article reported in part that:

“Mass housing developer 8990 Holdings Inc. is planning to offer P3 billion worth of securitized notes next year, in addition to a P5 billion preferred shares offering announced last week, 8990 Chairman Mariano Martinez Jr. said in a media briefing on Friday.

‘The preferred shares will probably be issued by about June or July. The underwriter is Chinabank Capital. There will be a shelf registration of P10 billion but the initial uptake is just P5 billion, so that’s in process right now,’ Martinez said.

Martinez noted that the P3 billion securitization will also be handled by Chinabank Capital and that a total of 5,222 accounts are already undergoing legal due diligence.

‘After which it will be submitted for financial audit and then a rating, so that will happen also next year,’ Martinez said.

The chairman noted that proceeds of the securitization would be used to pay off the liabilities incurred by Contract-To-Sell (CTS) receivables.

‘So we’re basically turning it from a receivable to either a preferred share or into an actual securitized process so this will allay the anxiety by some of our shareholders as well as bankers on the growing CTS receivable liability,’ Mariano said.

The tenor for the P3-billion securitization will be 20 to 25 years, according to Mariano.

‘But right now, the present taste of possible investors is 20 years,’ the chairman said.

Moreover, Mariano noted that the firm is hoping to forge more partners with banks in terms of selling CTS receivables.

‘The expectation is for next year to be able to sell another P5 billion of receivables to the banks. And with the securitization being a pioneer form of selling your receivable, our desire is that we might be able to do this on a yearly basis as we build up on the seasoning of our accounts,’ Mariano said.

. . . .”


By way of clarification, The Chairman said that while the news reports are correct, the afore-quoted statements are forward-looking statements only. The terms and conditions of the proposed issuance of preferred shares, including the increase in authorized capital stock of the Company to create such preferred shares, are subject to the approval of the board of directors and stockholders of the Company upon finalization thereof, as stated in the Company’s disclosure on 7 November 2016. Further details on the proposed preferred shares issuance will be announced to the investing public at a proper time.

We also confirm that there are on-going discussions with Chinabank regarding the Php3 billion securitization. However, we note that there are no final details yet on the said deal and no definitive agreement has been executed as of date. The Company will inform the Exchange and the investing public once the deal is finalized.
Other Relevant Information

N/A
Filed on behalf by:
Name Mohammad Taha Basman II
Designation Investor Relations Officer