C03329-2018

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SBS Philippines CorporationSBS

PSE Disclosure Form 4-29 - Disbursement of Proceeds and Progress Report References: Memorandum No. 626 - 2007 dated December 20, 2007
Section 4.4 of the Revised Disclosure Rules

Subject of the Disclosure

Change in the use of SRO Proceeds
Background/Description of the Disclosure

During the Stock Rights Offering, SBS Philippines Corporation allocated as part of its use of proceeds (“USOP”) in the amount of approximately P203.3 million for general working capital requirements of the Company to be used among others to finance replenishment of the product inventory (P183.3 million) and a planned expansion of the operations team to operate its additional warehouses will be implemented in 2018 (P20.0 million).

However, since the recent warehouse acquisition is made by a subsidiary, the expenses in the maintenance and future operation of the warehouse will initially be borne by the subsidiary instead of the Company. Thus, the Company amended the USOP and reallocate the fund (PHP20M) to general working capital which will be used among others to finance replenishment of the product inventory.
Other Relevant Information

N/A
Filed on behalf by:
Name Gerry Tan
Designation President and CEO