PSE Circular for Brokers No. 2193-98

September 22, 1998 PSE CIRCULAR FOR BROKERS NO. 2193-98 SECURITIES & 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. September 21, 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., Banilad, 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 of former address, if changed since last report 10. Securities registered pursuant to Section 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. DATE # of Shares U . Price Total Value September 21, 1998 804.000 P1.00 P804,000.00 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 that 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. 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.) SYLVA A. PADERANGA Asst . Corporate Secretary SUBSCRIBED AND SWORN to before me this September 21, 1998 in Cebu City affiant exhibited to me his Community Tax Certificate No. 3507567 issued on February 27, 1998 in Cebu City. Doc. No. 332; Page No. 68; Book No. I; Series of 1998.