The Company assessed that it would be more efficient for the Group if PHA, as the parent company, would handle the development of the said properties. PHA would have more capability to mobilize the resources, and develop the project considering its sizeable asset.

No changes have been made to the current and future plans for the property. PHA affirms its confidence in the future development in Palawan and does not see any significant impact of the transfer on the business, financial condition and operations of the Group.”

The Exchange would like to request for additional information regarding the matter, including, but not limited to, the following:

1. Rationale for the decision to rescission of the Contract to Sell and reversal of transfer of rights;
2. What changes have been made to the current plans and what are the future plans of PHA for these properties?;
3. Effect(s)/impact on the business, financial condition and operations of PHA and WPP; and
4. Any other information that are relevant to the transaction