PSE Circular for Brokers No. 053-99

January 12, 1999 PSE CIRCULAR FOR BROKERS NO. 053-99 January 11, 1999 PHILIPPINE STOCK EXCHANGE DISCLOSURE DEPARTMENT Listings and Disclosure Group 4/F Philippine Stock Exchange PSE Centre, Exchange Road Ortigas Center, Pasig City Fax No. 634-2051 Attention: Mr . Reynold P . Ong Vice President RE : Transfer of Shareholdings of Alsons Consolidated Resources, Inc . in Alsons Cement Corporation Gentlemen : Please be advised that in the special Board of Directors' meeting of Alsons Consolidated Resources, Inc. ("ACR") held today, the Board approved the sale by ACR of its shareholdings in Alsons Cement Corporation ("Alcem") to Holderfin B.V. ("Holderfin"), an existing major shareholder in Alcem. In connection with the foregoing, the Board of Directors of Alsons Land Corporation ("ALC"), a wholly-owned subsidiary of ACR, has likewise approved the sale of its shareholdings in Alcem, also in favor of Holderfin. LLphil The number of Alcem shares to be sold, constituting 10.6% of its outstanding capital stock, are as follows: Seller Buyer No. of Alcem Shares ACR Holderfin 66,231,036 ALC Holderfin 49,087,659 Total 115,318,695 The consideration for the sales shall be the peso equivalent of approximately US$0.195 per share. The proceeds of ACR and ALC's sale of their respective shareholdings in Alcem will be used by the said companies to reduce existing debts. The sale of the Alcem shares shall be by way of special block sale in January 1999 through the facilities of the Philippine Stock Exchange. Very truly yours, ALSONS CONSOLIDATED RESOURCES, INC. By: (SGD.) MA. ALLEN M. MORALLOS Assistant Corporate Secretary