PSE Circular for Brokers No. 1451-99

June 21, 1999 PSE CIRCULAR FOR BROKERS NO. 1451-99 June 18, 1999 PHILIPPINE STOCK EXCHANGE PSE Center, Exchange Road Ortigas Center, Pasig City Attention: Disclosure Department Listings and Disclosure Group Gentlemen : Please be advised that the stockholders of KEPPEL PHILIPPINES MARINE, INC. (KPMI) in its meeting today (18 June 1999) at the Ballroom 2, New World Renaissance Hotel, Esperanza St., cor. Makati Ave., Makati City, had approved the following matters: 1. Dividend Declaration The stockholders 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. 2. Amendment of the Articles of Incorporation Re : Increase in Authorized Capital Stock The stockholders 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). LLjur 3. Election of Directors The following were elected directors for the year 1999-2000: 1. Loh Wing Siew 2. Hoe Eng Hock 3. Henry Sy, Sr. 4. Ramon J. Abejuela 5. Teo Soon Hoe 6. Toh Ko Lin 7. Charles Yap Giok Twee 4. Appointment of External Auditor The stockholders approved the appointment of Sycip, Gorres Velayo & Co. (SGV & Co) as the corporation's external auditor for the financial year 1999. We trust that the above disclosures comply with the rules and regulations of the Exchange. STOCK DIVIDEND UPDATE STOCK 6% RECORD DATE TO BE ANNOUNCED Very truly yours, (SGD.) CHEE FOOK MENG Corporate Information Officer