C06073-2017

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)
Oct 9, 2017
2. SEC Identification Number
A200110402
3. BIR Tax Identification No.
213-054-503
4. Exact name of issuer as specified in its charter
SBS PHILIPPINES CORPORATION
5. Province, country or other jurisdiction of incorporation
PHILIPPINES
6. Industry Classification Code(SEC Use Only)
7. Address of principal office
10 RESTHAVEN STREET, SAN FRANCISCO DEL MONTE, QUEZON CITY Postal Code 1105
8. Issuer's telephone number, including area code
(02) 371-1111
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 SHARE 1,247,999,999
11. Indicate the item numbers reported herein
Items 4 and 9: Changes in Line Up of Directors and Investment in Subsidiary to be Formed

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.

SBS Philippines CorporationSBS

PSE Disclosure Form 4-30 - Material Information/Transactions References: SRC Rule 17 (SEC Form 17-C) and
Sections 4.1 and 4.4 of the Revised Disclosure Rules

Subject of the Disclosure

SIgnificant matters approved by the Board of Directors of SBS Philippines Corporation
Background/Description of the Disclosure

In its special meeting held on October 9, 2017, the Board of Directors approved the following matters:

1. Accepted the resignations of Mr. Rosaleo M. Montenegro, Independent Director and Ms. Victorina B. Ladringan, Executive Director and EVP & Chief Investments Officer, with effect on October 9, 2917;

2. Elected Ms. Roberto F. Anonas, Jr, and Ms. Yvonne C. Lih as new independent Directors effective October 9, 2017 to fill the vacancies in the Board as a result of the resignations of Mr. Montenegro and Ms. Ladringan.. Mr. Anonas and Ms. Lih have been determined by the Corporate Governance, Nomination and Remuneration Committee to possess all the qualifications and none of the disqualifications provided under the Company’s By-Laws, Manual of Corporate Governance and SEC rules and considered eligible for election as independent directors of the Company.

3. Appointed Ms. Roberto F. Anonas, Jr. as Chairman of the Corporate Governance, Nomination and Remuneration Committee and as a member of the Audit, Risk Management and Related Party Transaction Committee, with effect on October 9, 2017;

4. Appointed Ms. Yvonne C. Lih as Lead Independent Director and as Board Committee member of the Audit, Risk Management and Related Party Transaction Committee as well as the Corporate Governance, Nomination and Remuneration Committee, with effect on October 9, 2017;

5. Change the designation of the appointment of Mr. Ricardo Nicanor N Jacinto, non-executive director, in the Corporate Governance, Nomination and Remuneration Committee from being a regular member to an ex-officio member thereof; and

6. Authorized for a new subsidiary to be formed with an authorized capital stock of P137 million and subscribed capital of P57 million, with the Company to subscribe for a 65% equity interest and with the balance to be subscribed by SBS Holdings and Enterprises ("SHEC") at 25% and the Sytengco Family at 10%. The subsidiary is intended to serve as the acquisition vehicle for the potential investment in a warehouse facility complex which is contemplated to be partly used or operated by the Company and the other portions by its subsidiary, SHEC.
Other Relevant Information

The Company is in discussion with an Independent Third Party, in relation to the potential acquisition of a warehouse facility complex south of Metro Manila. The potential acquisition, if it materialises, may constitute a disclosable transaction of the Company under the SEC and PSE Rules. As at the date of this announcement, the Company has not entered into any definitive agreement in relation to the potential acquisition. The Board will make further announcement as and when necessary in compliance with the Listing Rules and applicable laws.
Filed on behalf by:
Name REGINA SIMONA DE GUZMAN
Designation GENERAL COUNSEL & COMPLIANCE OFFICER