PSE Circular for Brokers No. 1395-99

June 15, 1999 PSE CIRCULAR FOR BROKERS NO. 1395-99 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. Date of Report (Date of earliest event reported): 14 June 1999 2. SEC Identification Number: 60566 3. BIR Tax Identification No.: 004-504-2281-VAT 4. Exact name of registrant as specified in its charter EAST ASIA POWER RESOURCES CORPORATION (formerly Northwest Holdings & Resources Corporation) 5. Philippines Province, country or other jurisdiction of incorporation 6. (SEC Use Only) Industry Classification Code 7. 20th Floor OMM-CITRA Condominium, San Miguel Avenue, Pasig City 1605 Address of principal office Postal Code 8. (632) 633-1626 Registrant's telephone number, including area code 9. Not Applicable 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 937,055,028 Outstanding Shares US$49,000,000.00 and PhP10,000,000.00 in Outstanding Debt 11. Indicate the Item numbers reported herein: Item No . 3 (Changes in Certifying Accountant) ; Item No . 4 (Election of Registrant's Directors and Officers) ; Item No . 9 (Other Events) 12. Report on Items. The Board of Directors of East Asia Power Resources Corporation ("EAPRC" or the "Company"), wishes to inform the Securities & Exchange Commission ("SEC") and the Philippine Stock Exchange, Inc. ("PSE") that, in its Annual Meeting of the Stockholders held today at the Palawan Room of the Shangri-La EDSA Plaza, wherein 78.86% of the stockholders were present in person or by proxy, and in the succeeding Organizational Meeting of the Board of Directors, the following actions were taken: a. Item No . 3 (Changes in Certifying Accountant) The stockholders of the Company appointed the accounting firm of Joaquin Cunanan & Co., an affiliate of Price Waterhouse Coopers, as the Independent Auditor of the Company for 1999-2000, effective immediately, replacing the accounting firm of SyCip Gorres Velayo & Co. b. Item No . 4 (Election of Registrants Directors and Officers) The following persons were unanimously elected as members of the Board of Directors of the Company: John D. Hushon Jesus N. Alcordo Richard H. Weiss David M. Veiseh Wayne B. Allred Andrew L. Gotianun, Sr. Victor S. Chiongbian Jonathan T. Gotianun Augusto T. Villa-Real At the Organizational Meeting of the Board of Directors which followed the Annual Stockholders' Meeting, the following persons were elected to the corresponding corporate offices: Chairman John D. Hushon President & Chief Executive Officer Jesus N. Alcordo Treasurer John Slack Corporate Secretary Jose A. Feria, Jr. Asst. Corporate Secretary J. Ildebrando B. Ambrosio c. Item No. 9 (Other Events) The stockholders also unanimously approved the following resolutions which were approved and adopted by the Board of Directors of the Company in the Special Meeting of the Board of Directors dated 22 April 1999: (i) To increase the authorized capital stock of the Corporation from One Billion Three Hundred Million Pesos (P1,300,000,000.00), par value One Peso (P1.00) to Six Billion Pesos (P6,000,000,000.00), par value One Peso (P1.00); (ii) To amend the Articles of incorporation of the Corporation to reflect the aforementioned increase in authorized capital stock; and (iii) To designate the President, Chief Executive Officer, or the Corporate Legal Counsel of the Corporation as authorized signatories of the Corporation for purposes of implementing and executing the aforementioned resolutions LLjur 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. EAST ASIA POWER RESOURCES CORPORATION by: (SGD.) J. ILDEBRANDO B. AMBROSIO Assistant Corporate Secretary