PSE Circular for Brokers No. 1420-98

June 24, 1998 PSE CIRCULAR FOR BROKERS NO. 1420-98 Disclosure Department Listing and Disclosures Group 4/F Philippine Stock Exchange Center PSE Center, Exchange Road Ortigas Centre, Pasig City Attention: Mr . Reynaldo P . Ong Vice President Gentlemen : Please be informed that in the regular annual stockholders' meeting of Southeast Asia Cement Holdings, Inc. (SEACEM) held today, the stockholders approved the following: 1. Election of the following to serve as members of SEACEM's Board of Directors for the ensuing year until their successors have been elected and qualified: Benito R. Araneta, George L. Go, Patrick Warren Go, Jae-Hyun Hyun, Won-Kyoo Lee, Ricardo S. Murillo and Jay J. Park; LLphil 2. Increase in authorized capital stock from P6.15 Billion to P7.3 Billion and amendment of Article 7 of the Amended Articles of Incorporation to reflect such increase; 3. Declaration of a 6% stock dividend; 4. Flotation of convertible bonds up to US$120 Million; and 5. Re-appointment of the auditing firm, Punongbayan & Araullo as independent auditor. The highlight of the meeting was the Chairman's report on the Company's performance last year which is substantially discussed in our Annual Report. We are submitting under separate cover two hundred (200) copies of the Company's Annual Report 1997 as required by the Exchange. Sincerely, (SGD.) YUN WOO CHOO Senior Vice President