PSE Circular for Brokers No. 1123-98

May 25, 1998 PSE CIRCULAR FOR BROKERS NO. 1123-98 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. 22 May 1998 Date of Report (Date of earliest event reported) 2. SEC Identification No. 16741 3. BIR Tax Identification No. 000-479-027 4. MANILA BROADCASTING COMPANY Exact name of registrant as specified in its charter 5. (SEC Use Only) Industry Classification Code: 7. FJE Building, 105 Esteban Street, Legaspi Village, Makati City 1229 Address of principal office Postal Code 8. Tel. No. (063) 815-91-31 Registrant's telephone number, including area code 9. No change in address since its last report to this Honorable Commission. Former name or former address, if changed since last report 10. Securities registered pursuant to Sections 4 and 8 of the RSA No. of Shares Title of No. of Shares Amount of Registered Each Class Outstanding Debt Outstanding 253,000,000 Common 252,683,163.25 P185,916,000.00 * * as of 31 December 1997 Item 4. Resignation, Removal or Election of Registrant's Directors or Officers Please be informed that Joseph C. Lao, a Director in the company, sold all his holdings in the company to Elizalde Holdings Corporation today, 22 May 1998. By virtue of said sale, he is deemed resigned from the company effective immediately. The registrant sees no significant impact from said sale and resignation and it will have no effect on the current or future operations, financial position or results of operation of the registrant as Elizalde Holdings Corporation fully supports the program of management and management itself. Furthermore, the annual stockholder's meeting of the registrant is scheduled for 11 June 1998 where his replacement will be elected. 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. MANILA BROADCASTING COMPANY ATTY. RUDOLF E. JULARBAL Corporate Secretary