PSE Circular for Brokers No. 1593-98

July 10, 1998 PSE CIRCULAR FOR BROKERS NO. 1593-98 SECURITIES AND EXCHANGE COMMISSION SEC Form 11-C Current Report Pursuant to Section 11 of the Revised Securities Act and RSA Rule 11(a)-1(b)(3) Thereunder 1. 19 July 1998 2. Commission Identification Number (SEC Registration No.) 7199 3. BIR TIN 002-856-627 4. Acesite (Phils.) Hotel Corporation 5. Philippines 6. Industry Classification Code: ________ 7. Room 527, Holiday Inn Manila, United Nations Avenue, Ermita, Manila 1000 8. Telephone Number (632) 526-1212 9. Former Name Delbros Hotel Corporation Ermita, Manila Former Address Delbros Suites, 22nd Floor, Manila Hilton, UN Ave., Former FY January-December 10. Common Stock (P1.00 par value) Authorized 300,000,000 shares Issued 79,881,847 shares 11. Items to be reported: On 29 June 1998, the SEC approved the formation of Pavilion Enterprises Corporation (PEC for brevity, SEC Reg. No. A1998-07877), a 75% owned subsidiary of Acesite (Phils.) Hotel Corporation. Of the authorized capital stock of P5,000,000.00 (5,000,000 shares with a par value of P1.00 each) of PEC, P2,187,500.00 has been subscribed and P1,250,000.00 has been paid up. PEC's primary purpose is "to engage in the business of operating hotel or other accommodation for the general public and to construct such facilities as may be reasonably necessary or useful in connection with the same further to this objective and as may be incidental therein to engage in the business of manufacturing, processing, packing, selling and or serving all type of food, food products and beverages, both alcoholic and non-alcoholic for hotel guests only, to operate bars, restaurants, cafes, taverns and places of entertainment in furtherance of the hotel business and in order to attain the foregoing purposes, to own, hold, buy, sell, lease, let, manage and operate real property of all kinds and nature including commercial buildings, but excluding land and generally to carry on any other lawful business whatsoever in connection with the foregoing. . ." The chairman of the corporation today accepted the resignation of Ms. Jeanie Chan as a director of the corporation effective 11 July 1998. Ms. Chan intends to pursue further studies in Hongkong. Acesite (Phils.) Hotel Corporation By: (SGD.) RICKY L. RICARDO Project Manager (9 July 1998)