PSE Circular for Brokers No. 046-99

January 11, 1999 PSE CIRCULAR FOR BROKERS NO. 046-99 SECURITIES AND EXCHANGE COMMISSION SEC Form 11-C CURRENT REPORT UNDER SECTION 11 OF THE REVISED SECURITIES ACT (RSA) AND RSA RULE 11(a)-1(b)(3) THEREUNDER 1. JANUARY 11, 1999 (Date of Report) 2. SEC Reg. No. 184044 3. BIR TIN: 350-000-775-860 4. JG SUMMIT HOLDINGS, INC. (Exact name of registrant as specified in its charter) 5. Metro Manila, Philippines (Province, country or other jurisdiction of incorporation) 6. Industry Classification Code_____ 7. 29/F Galleria Corporate Center, EDSA cor. Ortigas Ave., Quezon City, Metro Manila (Address of principal office) 8. 633-7631 to 40 (Tel. No.) 9. NA (Former name or former address, if changed since last report) 10. Securities registered pursuant to Sections 4 and 8 of the RSA: Number of Shares of Title of Each Class Common Stock Outstanding Common 6,277,347,185 *** =============== *** Includes Treasury shares of 94,582,000. JG SUMMIT HOLDINGS, INC. 11. Item 2 Acquisition or Disposition of Assets (For Press Release) January 11, 1999 JG Summit Holdings, Inc. ("JG Summit") is pleased to announce that has reached an agreement in principle with Cemex, S.A. De C.V., and certain Philippine investors, in relation to the divestment of JG Summit's interest in APO Cement Corporation ("APO Cement"). Cemex is one of the world's largest cement producers. cdpr In a preliminary agreement entered into on 9th January 1999, Cemex, together with certain Philippine investors, has agreed to acquire JG Summit's entire equity and debt interests in APO Cement for a total consideration of US$ 400 million. JG Summit currently owns 99.9 per cent of APO Cement. This divestment by JG Summit is in line with its strategy of focusing its activities on core businesses which provide the greatest potential for long term growth and achieve leading market shares. ING Barings acted as the exclusive financial adviser to JG Summit. SIGNATURES Pursuant to the requirements of the Revised Securities Act, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. JG Summit Holdings, Inc. (Registrant) (SGD.) EMMANUEL C. ROJAS, JR. Corporate Secretary