PSE Circular for Brokers No. 2602-99

October 12, 1999 PSE CIRCULAR FOR BROKERS NO. 2602-99 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. October 11, 1999 Date of Report (Date of earliest event reported) 2. SEC Identification Number CEO2536 3. BIR TIN 003-828-269-V 4. ABOITIZ EQUITY VENTURES, INC. Exact name of registrant as specified in its charter 5. Cebu City, Philippine Province, country or other jurisdiction of incorporation 6. (SEC Use Only) Industry Classification Code 7. Archbishop Reyes Ave., Banilad, Cebu City 6000 Address of principal office Postal Code 8. (032) 2312-580 Registrant's telephone number, including area code 9. N.A. Former name or former address, if change since last report 10. Securities registered pursuant to Sections 4 and 8 of the RSA Number of Shares of Common Stock Title of Each Class Outstanding and Amount of Debt Outstanding Common Stock P1 Par Value 5,376,696,911 'Total Liabilities 3,595,282,000 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 the following additional shares of AEV: Date # of Shares U. Price Total Value October 11,1999 343,000 P2.14 P734,020.00 150,000 2.16 324,000.00 45,000 2.18 98,100.00 538,000 P1,156,120.00 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 share when it believed the share price was undervalued, and that the cash expenditure for the buyback did not jeopardize prospective projects of the company. llcd 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. Very truly yours, ABOITIZ EQUITY VENTURES, INC. By: (SGD.) JUAN ANTONIO E. BERNAD Corporate Information Officer SUBSCRIBED AND SWORN to before me this October 11, 1999 in Cebu City, affiant exhibited to me his Community Tax Certificate No. 3754715 issued on Feb. 16, 1999 in Cebu City. (SGD.) ALICE K. CANONOY-MORADA NOTARY PUBLIC