PSE Circular for Brokers No. 1324-99

June 7, 1999 PSE CIRCULAR FOR BROKERS NO. 1324-99 SECURITIES & 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. June 03, 1999 Date of Report (Date of earliest event Reported) 2. SEC Identification Number CE02536 3. BIR TIN 003-828-269-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., Banilad, Cebu City 6000 Address of principal office Postal Code 8. (032) 2312-580 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 5,379,821,574 'Total Liabilities 2,468,081,000 11. Indicate the item numbers reported herein: 9(a)(1)(J). Item 9 (a)(1)(J). Purchase of stock . In pursuance of the AEV shares buy-back program approved by the Board of Directors, the Corporation has purchased the following additional shares of AEV. Date # of Shares U Price Total Value June 03, 1999 518,000 P2.18 P1,129,240.00 1,349,000 P2.20 2,967,800.00 1,867,000 P4,097,040.00 Additional Information The Board approved a program to buy-back shares. The amount and timing of the buyback program was left to management, specifically the CEO and COO. The rationale for the buyback, which was that market prices did not reflect the true value of the shares, and therefore remaining shareholders would benefit from a buyback into treasury that reduced the number of outstanding shares, also provides the guidelines for the actual share purchases. The principal criteria is that it benefits remaining shareholders. Under that guideline, the company would only buyback shares when it believed the share price was undervalued, and that the cash expenditure for the buyback did not jeopardize prospective projects of the company. LibLex SIGNATURE(S) 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. ABOITIZ EQUITY VENTURES, INC. By: (SGD.) SYLVIA G. AGUIRRE-PADERANGA Assistant, Corporate Secretary SUBSCRIBED AND SWORN to before me this JUN 04 1999 in Cebu City affiant exhibited to me his Community Tax Certificate No. 3754758 issued on February 16, 1999 in Cebu City. (SGD.) KIM ROXAS NOTARY PUBLIC UNTIL DECEMBER 3, 1999 PTR NO . 3389605 ISSUED ON FEB . 2, 1999 CEBU CITY Doc. No. 298 Page No. 61 Book No. III Series of 1999.