PSE Circular for Brokers No. 1021-98

May 13, 1998 PSE CIRCULAR FOR BROKERS NO. 1021-98 CURRENT REPORT UNDER SECTION 11 OF THE REVISED SECURITIES ACT (RSA) AND RSA RULE 11(a)-1(b)(3) THEREUNDER 1. May 12, 1998 Date of Report (Date of earliest event Reported) 2. SEC Identification Number CE-02536 3. BIR TIN 003-828-296-V 4. ABOITIZ EQUITY VENTURES, INC. Exact name of registrant as specified in its charter 5. Cebu City, Philippines Province, country or other jurisdiction of incorporation 6. [ ] Industry Classification Code 7. Archbishop Reyes Ave., Banllad, Cebu City 6000 Address of principal office Postal Code 8. (032) 2310-705 Registrant's telephone number including area code 9. N.A Former name or former address, if changed since last report 10. Securities registered pursuant to Sections 4 and 8 of the RSA Title of Each Class Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding Common Stock P1 Par Value 5,527,497,674 Amount of Debt Outstanding P2,489,364,000.00 11. Indicate the item numbers reported herein: 4 and 9 (a)(1)(O) Item 4 . Election of Directors and Officers A . Election of Directors The Stockholders of Aboitiz Equity Ventures in their annual meeting held at the Ballroom of the Cebu City Marriott Hotel on May 12, 1998 elected the following as members of the Board of Directors of the Corporation: 1. Mr. Luis Aboitiz, Jr. 2. Mr. Manuel M. Moraza 3. Mr. Jon R. Aboitiz 4. Mr. Justo A. Ortiz 5. Mr. Erramon I. Aboitiz 6. Mr. Aloysius B. Colayco 7. Mr. Roberto E. Aboitiz B . Election of Officers Immediately after the Annual Stockholders Meeting, the newly-elected members of the Board of Directors were convened for the organizational meeting. In this meeting, the following were elected officers of the Corporation: Chairman of the Board Mr. Luis M Aboitiz, Jr. President & Chief Executive Officer Mr. Jon R. Aboitiz Exec. VP & Chief Operating Officer Mr. Erramon I Aboitiz Senior VP & Chief Financial Officer Mr. Juan Antonio E. Bernad Vice-President Mr. Luis Miguel Aboitiz Vice-President & Treasurer Mr. Rene D. Almendras Vice-President & Project Dev. Officer Mr. Benjamin Cariaso Vice-President & Business Dev. Officer Mr. Joel Mari Yu AVP-Comptroller Ms. Melinda R. Bathan Corporate Secretary Mr. Jesus A. Santiago Assistant Corporate Secretary Ms. Sylva A. Paderanga SIGNATURES Pursuant to the requirement of the Revised Securities Act, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. ABOITIZ EQUITY VENTURES, INC. By: (SGD.) SYLVA A. PADERANGA Assistant Corporate Secretary 12 May 1998