PSE Circular for Brokers No. 1951-98

August 24, 1998 PSE CIRCULAR FOR BROKERS NO. 1951-98 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 20 August 1998, 2. SEC Identification Number 135748 3. BIR Tax Identification Number 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 4,692,459,913 *1 LTCPs P1,000,000,000 *2 STCPs P1,507,000,000 *2 *1 Reported by the stock transfer agent as of 30 June 1998 *2 As of 30 June 1998 11. Item number reported herein: 9 - Other items Metro Pacific Corporation ("Metro Pacific") today announced that it had received a notice from the holders of its 12.5 million Series 1 Convertible Redeemable Preferred Shares for their conversion into approximately 1.4 billion common shares. cdlex The conversion will increase the number of common shares in issue, or common shares for which deposits on subscription have been received, from approximately 15.5 billion to 16.9 billion. This will also remove the possibility of the redemption of the preferred shares, which was permitted after a period of five years under the subscription agreement. The conversion of the preferred shares to new common shares will also further simplify and strengthen Metro Pacific capital base, providing a solid platform for the future. 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.) NAPOLEON L. NAZARENO President Distribution 5 copies Securities and Exchange Commission 1 copy Philippine Stock Exchange 1 copy Company Secretary