PSE Circular for Brokers No. 2562-99

October 8, 1999 PSE CIRCULAR FOR BROKERS NO. 2562-99 SECURITIES AND EXCHANGE COMMISSION SEC FORM 11-C CURRENT REPORT UNDER SECTION 11 OF THE REVISED SECURITIES ACT (RSA) AND RSA RULE 11(a)-l(b)(3) THEREUNDER 1. 8 October, 1999 Date of Report (Date of earliest event reported) 2. SEC Identification Number 167423 3. BIR Tax Identification No. 320-000-477-103 4. MEGAWORLD CORPORATION Exact name of registrant as specified in its charter 5. Metro Manila Province, country or other jurisdiction of incorporation 6. (SEC Use Only) Industry Classification Code 7. 28th Floor, The World Center 330 Sen. Gil J. Puyat Avenue Makati City, Philippines 1227 Address of principal office 8. (632) 867-8826 to 40 Registrant's telephone number, including area code 9. Securities registered pursuant to Sections 4 and 8 of the Revised Securities Act Number of Shares Stock Title of Each Class Outstanding Common Shares, Php 1.00 Par 1,127,747,000 10. Item 9(a)(1)(A) During yesterday's regular meeting of the Board of Directors of Megaworld Corporation, which was held to coincide with the visit of Megaworld's new director, Mr. Thomas Barrack, Jr., Colony Capital, Inc.'s Chairman and Chief Executive Officer, the Board approved the creation of a subsidiary which will engage in furniture wholesale trading. With the creation of said subsidiary, Megaworld seeks to cater to the growing demand by residential unit owners in various real estate developments for customized furniture. The Board also approve the incorporation of Megaworld Homes, Inc., another subsidiary of Megaworld. In the same meeting, the Board likewise ratified the adoption of a scholarship program, which will give needy but capable young men and women the opportunity to pursue educational and training programs at the undergraduate level in the fields of architecture,. engineering, interior design, and other related fields. SIGNATURE 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. MEGAWORLD CORPORATION By: (SGD.) FRANCISCO C. CANUTO Duly Authorized Signatory