PSE Circular for Brokers No. 1799-98

July 31, 1998 PSE CIRCULAR FOR BROKERS NO. 1799-98 SECURITIES AND EXCHANGE COMMISSION SEC FORM 11-C CURRENT REPORT UNDER SECTION 11 OF THE REVISED SECURITIES ACT (RSA) AND RSA RULE 11(a)-1(b)(3) THEREUNDER 1. July 30, 1998 ______________ Date of Report (Date of earliest event Reported) 2. SEC Identification Number CE-02536 3. BIR TIN 003-828-269-V 4. ABOITIZ EQUITY VENTURES, INC. Exact name of registrant as specified in its charter 5. Cebu City, Philippines Province, country or other jurisdiction of incorporation 6. Industry Classification Code 7. Archbishop Reyes Ave., Banilao, Cebu City 6000 Address of principal office Postal Code 8. (032) 2310-705 Registrant's telephone number, including area code 9. N.A. Former name or former address, if changed since last report 10. Securities registered pursuant to Sections 4 and 8 of the RSA Title of Each Class Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding Common Stock P1 Par Value 5,479,972,074 11. Indicate the item numbers reported herein: 9(a)(1)(J) Item 9(a)(1)(J). Purchase of stock. In pursuance of the AEV shares buy-back program approved by the Board of Directors, the Corporation has purchased today the following additional shares of AEV. Data # of Shares U Price Total Value July 30, 1998 6,310,000 P1.02 P5,416,200.00 Additional Information The Board approved a program to buy-back shares. The amount and timing of the buyback program was left to management, specifically the CEO and COO. The rationale for the buyback, which was that market prices did not reflect the true value of the shares, and therefore remaining shareholders would benefit from a buyback into treasury that reduced the number of outstanding shares, also provides the guidelines for the actual share purchases. The principal criteria is that it benefits remaining shareholders. Under the guideline, the company would only buyback shares when it believed the share price was undervalued, and that the cash expenditure for the buyback did not jeopardize prospective projects of the company. LLphil SIGNATURE(S) 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 hereunto duly authorized. Aboitiz Equity Ventures By: (SGD.) JESUS A. SANTIAGO Corporate Secretary SUBSCRIBED AND SWORN to before me this July 30, 1998 in Cebu City, affiant exhibited to me her Community Tax Certificate No. 3512028 issued on February 26, 1998 in Cebu City. (SGD.) KIM ROXAS NOTARY PUBLIC UNTIL DECEMBER 31, 1999 PTR NO . 1233183 ISSUED ON JAN . 23, 1998 Doc. No. 249 Page No. 51 Book No. 1 Series of 1998.