Current Report under Section 11 of the Revised Securities Act (RSA) and RSA Rule 11(a)-1(b)(3) Thereunder

October 26, 1999 PSE CIRCULAR FOR BROKERS NO. 2729-99 SECURITIES AND EXCHANGE COMMISSION SEC FORM 11-C CURRENT REPORT UNDER SECTION 11 OF THE REVISED SECURITIES ACT (RSA) AND RSA RULE 11(a)-1(b)(3) THEREUNDER 1. October 25, 1999 Date of Report 2. SEC Identification No. CE02536 3. BIR Tax Identification No. 003-828-269-V 4. ABOITIZ EQUITY VENTURES, INC. Exact name of registrant as specified in its charter 5. Cebu City, Philippines Province, Country or other jurisdiction of incorporation or organization 6. (SEC use only) Industry Classification Code 7. Archbishop Reyes Ave., Banilad, Cebu City Address of principle office 8. (032) 2312-580 Registrant's telephone number including area code 9. Not Applicable Former name or former address, if changed since last report 10. Securities registered pursuant to Sections 4 and 8 of the Revised Securities Act Title of Each Class Number of Shares of Stock 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). Purchase Stock Item 9 (a)(1)(J). Purchase of stock In pursuance of the AEV shares buy-back program approved by Use Board of Directors the Corporation has purchased the following additional shares of AEV: Date # of Shares U. Price Total Value October 22, 1999 100,000 P2.12 P212,000.00 October 22, 1999 5000,000 P2.10 P1,050,000.00 600,000 P1,262,000.00 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 shares when it believed the share price was undervalued, and that the cash expenditure for the buyback did not jeopardize prospective projects of the company. 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. cdll ABOITIZ EQUITY VENTURES, INC. By: (SGD.) GABRIEL MAALAC Vice Pres. For Treasury Services SUBSCRIBED AND SWORN to before me this October 22, 1999 Cebu City, affiant exhibited to me his Community Tax Certificate No. 13397804 issued on January 27, 1999 in Cebu City. Doc. No. 322 Page No. 66 Book No. IV Series of 1999