PSE Circular for Brokers No. 2502-98

November 3, 1998 PSE CIRCULAR FOR BROKERS NO. 2502-98 ASIAN TERMINALS, INCORPORATED Securities and Exchange Commission Form 11-C 1. Date of Report October 29, 1998 2. SEC Identification Number 133653 3. BIR Tax Identification No. 033-000-132-413-V 4. ASIAN TERMINALS, INC. Exact name of registrant as specified in its charters 5. Manila, Philippines Province, Country or other jurisdiction of incorporation 6. (SEC Use Only) Industry Classification Code 7. Muelle de San Francisco, South Harbor, Port Area, Manila Address of principal office/postal code 8. 527-80-51 to 81 Registrant's telephone number/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 Capital stock - common 1,000,000,000 Long Term Commercial Papers P1,500,000,000 11. Indicate the item numbers reported herein: Item 9 - Other Events This is to clarify and comment upon the 23 October 1998 newspaper article which appeared in the Shipping & Trade section of the Business Daily, regarding the supposed shut down of operations at the Mariveles Grain Terminal (MGT) last 22 October 1998. (Another article containing similar information appeared on 26 October 1998 in the Shipping section of the Malaya newspaper.) The second paragraph of the Business Daily newspaper account stated that the MGT was "planning to shut down the terminal in Bataan by 2:00 p.m." in view of the approaching typhoon Loleng. We have consulted with the management of the MGT and they emphasized to us that while they did, in fact, take precautions to ensure the safety and protection of personnel, equipment, property and cargoes at the site, actual shut down of operations was not needed and was not resorted to in view of the following: There were really no vessels scheduled for loading or unloading on October 22, Thursday. The last ship actually handled by the terminal had departed on October 21, Wednesday. The reported arrival of the vessel carrying 51,500 tons of soybean meal from the US had been rescheduled to October 24, Saturday, even prior to October 22. Similarly, the arrival of the M/V High Kang from the US northwest, which was already scheduled for October 24, was merely pushed back to October 25. Barge operations from Manila to Mariveles/Mariveles to Manila had already been suspended by the Coast Guard on October 21, Wednesday. Bagging operations, which are normally conducted inside the warehouses at MGT, were not affected by the typhoon and continued in accordance with the set schedule of operations. 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 thereunto duly authorized. ASIAN TERMINALS, INC. Registrant (SGD.) ATTY. RODOLFO G. CORVITE, JR. Corporate Secretary