PSE Circular for Brokers No. 2826-98

December 28, 1998 PSE CIRCULAR FOR BROKERS NO. 2826-98 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. December 28, 1998 Date of Report (Date of earliest event reported) 2. SEC Identification Number AS0930-4369 3. BIR TIN 002-825-058 4. Benpres Holdings Corporation Exact name of registrant as specified in its Articles of Incorporation 5. Metro Manila 6. Place of incorporation 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 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 Common Shares 4,573,982,518 shares P4,573,982,518.00 Long Term Commercial Papers P3,000,000,000.00 11. Indicate the item numbers reported herein: Item 9. Other Events Benpres Holdings Corporation today sold a portion of its Convertible Notes, issued by Lopez, Inc., which are convertible into shares in ABS-CBN Broadcasting Corporation. Effectively, ABS-CBN has bought back 40,000,000 of its own shares. Due to this transaction, Benpres' economic interest in ABS-CBN has decreased from 70.99% to 69.43%. Benpres Holdings Corporation also has obtained an option to purchase additional shares in Sky Vision Corporation from Lopez, Inc. With this option, Benpres Holdings Corporation has the right to purchase an aggregate of 348,826,700 shares in Sky Vision Corporation representing 42.28% of the outstanding capital stock of Sky Vision Corporation therefore increasing its economic interest to 62.26%. cd BENPRES HOLDINGS CORPORATION Registrant By: (SGD.) ENRIQUE I. QUIASON Corporate Secretary