PSE Circular for Brokers No. 2250-98

September 28, 1998 PSE CIRCULAR FOR BROKERS NO. 2250-98 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) 1. Date of Report Sept. 4, 1998 2. SEC Identification no. ASO94-006309 3. BIR TIN #004-451-425 4. Name of Registrant Boulevard Holdings, Inc. 5. Jurisdiction of Incorporation Makati City, Metro Manila 6. Industry Classification Code (SEC use) 7. Address of principal office 10/F Citibank Center, 8741 Paseo de Roxas cor Villar St. Makati City 8. Registrant's telephone no. 750-44-88 9. Former name or former address, if changed since last report NA 10. Securities registered pursuant to Sections 4 and 8 of the RSA No of shares of common stock Title of each class Outstanding and Amount of Debt Outstanding Common Stock 1,000,000,000 11. Item numbers reported: Item 2 - Disposition of Assets DETAILS OF ITEM 2 DISPOSITION OF ASSETS DATE OF DISPOSITION Sept. 11, 1998 DESCRIPTION OF ASSET 63,700 shares in AAPC (Philippines) INVOLVED Hotels & Resort Management, Inc. (AHRMI) representing 49% of the outstanding capital stock of AHRMI NATURE AND AMOUNT OF Amount received: CONSIDERATION Shares of stock USD$500,000 RECEIVED Compensation for waiver Of claims against AAPC (Phils.) Inc. and subsidiaries 500,000 Total Proceeds $1,000,000 ========== IDENTITY OF THE PERSON AAPC (Phils.) Inc. TO WHOM THE ASSET WAS SOLD NATURE OF ANY AAPC (Phils.) Inc. was the Joint Venture MATERIAL RELATIONSHIP (JV) partner of Boulevard Holdings, Inc. in BETWEEN SUCH PERSON forming the joint venture company AHRMI DISCUSSION OF THE IMPACT OF EVENTS ON THE CURRENT OR FUTURE OPERATIONS The disposal of the shares of stock in AHRMI will result in an increase in cash of P43 million and provide a gain of P18.7 million to BHI. The termination of the JV Agreement in terms of operational/financial impact may hardly be felt within the next couple of years as the general economic situation remains uncertain and prospective hotel owner/investors become hesitant to invest and tie-up with hotel management chains. The only immediate financial impact is the loss of equity in net income which averaged P4 million for the last three years. LibLex (SGD.) MAURO B. BADIOLA AVP Finance