PSE Circular for Brokers No. 1649-98

July 17, 1998 PSE CIRCULAR FOR BROKERS NO. 1649-98 1. July 16, 1998 Date of Report 2. SEC Identification Number ASO94-006430 3. BIR Tax Identification Number 003-942-108 4. EMPIRE EAST LAND HOLDINGS, INC. Exact name of registrant as specified in its charter 5. Metro Manila Province, Country or other jurisdiction of incorporation or organization 6. (SEC Use Only) Industry Classification Code 7. 21st Floor, The World Centre 330 Sen. Gil J. Puyat Avenue Makati City, Philippines 1227 Address of principal office 8. (682) 867-8351 to 59 Registrant's telephone number, including area code 9. Securities registered pursuant to Sections 4 and 8 of the Revised Securities Act Title of Class Outstanding Capital Stock Common 3,176,530,649 10. Item Number 9. Other Events The Securities and Exchange Commission approved the amendment to the By-Laws of the Registrant creating an executive committee. Pursuant to Section 35 of the Corporation Code, the executive committee, which shall be composed of not less than three (3) members of the Board of Directors., all to be appointed by the Board, may act, by majority vote of all its members, on such specific matters within the competence of the Board, as may be delegated to it in the By-Laws or on a majority vote of the Board, except with respect to: (a) approval of any-action for which stockholders' approval is also required; (b) filling of vacancies in the Board; (c) amendment or repeal of the By-Laws or adoption of new by-laws; (d) amendment or repeal of any resolution of the Board which by its express terms is not so amendable or repealable; and (e) distribution of cash dividends to the Corporation's stockholders. SIGNATURE Pursuant to the requirements of the Revised Securities Act, the registrant has du1y caused this report to be signed on its behalf by the undersigned hereunto duly authorized. EMPIRE EAST LAND HOLDINGS, INC. By: (SGD.) ENRIQUE SANTOS L. SY Corporate Secretary July 16, 1998