PSE Circular for Brokers No. 2433-98

October 26, 1998 PSE CIRCULAR FOR BROKERS NO. 2433-98 THE SECURITIES AND EXCHANGE COMMISSION SEC FORM 11-C CURRENT REPORT UNDER SECTION 11 OF THE REVISED SECURITIES ACT (RSA) AND THE RSA RULE 11(a)-1(b)(3) THEREUNDER 1. October 23, 1998 Date of Report (Date of earliest event reported) 2. SEC Registration No. ASO930-4369 3. BIR TIN. 002-825-058 4. Benpres Holdings Corporation Exact name of registrant as specified in its Articles of Incorporation 5. Metro Manila Place of incorporation 6 Industry Classification Code 7. 5th Floor Benpres Building, Exchange Road cor. Meralco Ave., Pasig City Address of principal office 8. 631 3111 Registrant's telephone number, including area code 9. Not applicable Former name of 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 Shares 4,573,982,518 shares P4,573,982,518.00 Long Term Commercial Papers P3,000,000,000.00 11. Indicate item numbers reported herein: Item 9. Other Events Benpres Holdings Corporation has agreed to purchase 49% interest in Computer Information Solutions, Inc. Meralco, which formerly held full ownership, retains 51% interest. The entry of Benpres in the fast growing world of computer software development signifies its recognition of the vast potentials of the industry. Its selection of CIS as its entry point reflects its confidence in CIS's capabilities, track record and established name in the Philippine Information technology industry. LLpr CIS was organized in 1974 but its history dates back to the 1940's, in the early accounting and EDP departments of Manila Electric Company (Meralco). At the end of World War II, Meralco acquired IBM tabulating equipment and unit record machines from the US Army. Thus began the utility company's aggressive use of information technology (I/T). The EDP department was spun off as an independent company in 1974 and was given the name Computer Information Systems. From that time on, the Company has ridden the crest of technology, earning for itself the de facto reputation of being the Philippines' I/T pioneer. Other I/T firms have come and gone but CIS has remained in the forefront of the local I/T industry. CIS offers integrated solutions intended to help local and international clients. CIS has two subsidiaries. Corporate Information Solutions (USA), established June 1998, serves as base location for its North America operation. CIS owns and operates the First Philippine Software Corporation (PhilSoft), the only Filipino-owned software services organization to attain ISO 9001 status. CIS's expansion program will require capital infusion from both stockholders in the amount of Ps. 250 million over a period of two years. With fresh equity from the Benpres buy-in, CIS plans to aggressively market its services here and abroad. The export market for computer programming services has long been an untapped and lucrative business. They are particularly zeroing in on the vast opportunities offered by the millennium bug problem. cdll BENPRES HOLDINGS CORPORATION Registrant By: (SGD.) ANGEL S. ONG Vice President - Finance