PSE Circular for Brokers No. 1585-99

July 1, 1999 PSE CIRCULAR FOR BROKERS NO. 1585-99 June 30, 1999 SECURITIES AND EXCHANGE COMMISSION FORM 11-C METRO PACIFIC CORPORATION Current Report Pursuant to Section 11(c) of the Revised Securities Act ("RSA") and RSA Rule 11(a)-1(b)(3) Thereunder 1. Date of report 30 June 1999 2. SEC Identification Number 135748 3. BIR Tax Identification No. 470-000-130-700 4. Registrant Metro Pacific Corporation 5. Country of Incorporation Philippines 6. Industry Classification Code 7. Address of principal office 41-42 Floor, Rufino Pacific Tower Ayala Avenue Cor. Herrera Street Makati City P.O. Box 1957 Makati City 8. Registrant's telephone number (632) 8110338 9. The Registrant has not changed its corporate name, office address and fiscal year since its last report. 10. Securities registered pursuant to Sections 4 and 8 of the RSA Title of class Number of Shares Outstanding Common shares 17,717,660,872 1 LTCPs P1,000,000,000 2 STCP's P426,000,000 2 11. Item number reported herein: 9 Other items At a meeting of the Board of Directors of Metro Pacific Corporation (the "Company") held today, a resolution was approved to accept a subscription by Metro Pacific Holdings, Inc. ("MPHI") in cash for 480 million new common shares at a subscription price of Pesos 1.97 per share. The total subscription amount of Pesos 945.6 million has been received today, and the Company will seek to obtain appropriate regulatory approvals for the issue of the new shares at the earliest opportunity. The placement of shares is to replace an equivalent number of shares sold by MPHI to certain institutional and private investors at approximately the same price. Such placements were made in response to inquiries from investors and, in the light of the strong demand, were accommodated by MPHI and the Company. The Company proposes to use the proceed of the placement to reduce debt and for working capital purposes. Mr. Napoleon L. Nazareno, President and CEO, stated that " there has been strong demand for the Company's equity in the first semester, which has allowed for placements of approximately Pesos 3 . 4 billion . The Company has been able to use the funds primarily to reduce debt and, therefore, to continue its stated aim of maintaining a stable capital base for its core operations . " SIGNATURES 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 hereto duly authorized. Metro Pacific Corporation By: (SGD.) IAN CHRISTOPHER WILSON Director Footnotes 1. Reported by the stock transfer agent as of 31 May 1999. 2. As of 31 May 1999.