PSE Circular for Brokers No. 1422-99

June 17, 1999 PSE CIRCULAR FOR BROKERS NO. 1422-99 16 June 1999 PHILIPPINE STOCK EXCHANGE PSE Centre, Exchange Road Ortigas Center, Pasig City Security Code No.: TR-015 Attention: Disclosure Department Listings and Disclosure Group Gentlemen : Please be advised that the Board of Directors of KEPPEL PHILIPPINES MARINE, INC. (KPMI) in its meeting today (16 June 1999) at 9:30 a.m. at Unit 3-C Country Space I Building, Sen. Gil J. Puyat Ave., Salcedo Village, Makati City, had approved the following matters: 1. Dividend Declaration The Board of Directors approved a 6% stock dividend to be taken from the increase in authorized capital stock. The record date will be set by the Securities & Exchange Commission. LexLib 2. Amendment of the Articles of Incorporation Re : Increase in Authorized Capital Stock The Board of Directors approved the amendment of the articles of incorporation and increase in authorized capital stock of KPMI from One Billion Nine Hundred and Thirty Million Pesos (P1,930,000,000.00) to Two Billion One Hundred Eighty Million Pesos (P2,180,000,000.00). The minimum subscription and payment shall be complied with via the 6% stock dividend declaration. 3. Appointment of External Auditor The Board of Directors approved the appointment of Sycip, Gorres Velayo & Co. (SGV) as the corporation's external auditor for the financial year 1999. 4. Purchase of Company's Shares as Treasury Stocks The Board of Directors approved the buy-back of the company's shares from the market. The amount allocated for the buy-back of the shares is Five Million Pesos (P5,000,000.00). The matters mentioned under nos. 1, 2 & 3 above shall be submitted to the stockholders of KPMI in their Annual Stockholders Meeting to be held on 18 June 1999 at 10:00 am at the Ballroom 2, New World Renaissance Hotel, Esperanza St., cor. Makati Ave., Makati City, for their approval and ratification. cdll We trust that the above disclosures complies with the rules and regulations of the Exchange. STOCK DIVIDEND STOCK 6% Very truly yours, (SGD.) CHEE FOOK MENG Corporate Information Officer