PSE Circular for Brokers No. 2903-99

November 15, 1999 PSE CIRCULAR FOR BROKERS NO. 2903-99 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. Date of Report: November 12, 1999 2. Commission identification number 37363 3. BIR Tax Identification No. 320-00-166-971 4. Mondragon International Philippines, Inc. Exact name of registrant as specified in its charter 5. Makati City, Philippines Province, country or other jurisdiction of incorporation or organization 6. Industry Classification Code: (SEC Use Only) 7. Penthouse, Mondragon House 324 Sen. Gil Puyat Avenue, Makati City 1200 Address of registrant's principal office Postal Code 8. (02) 817-38-56 / 818-89-84 Registrant's telephone number, including area code 9. NOT APPLICABLE Former name, former address and former fiscal year, if changed since last report 10. Securities registered pursuant to Sections 4 and 8 of the RSA Title of each Class Number shares of common stock outstanding and amount of debt outstanding Common Stock 681,488,399 shares Commercial Paper P 394,000,000.00 11. Item numbers reported herein "Other Matters RESCHEDULING OF THE ANNUAL STOCKHOLDERS' MEETING" This is to inform the Commission that the Annual Stockholders' Meeting of Mondragon International Philippines, Inc. ("MIPI") is rescheduled from November 15,1999 to: February 21, 2000 9:00 A.M. Mondragon House Ballroom 324 Sen. Gil Puyat Avenue Makati City for the following reasons: a) Pendency of the SEC case ruling on the validity of the 20 September 1999 Stockholders' Meeting and the fact that the election of a new set of Board of Directors will pre-empt the SEC panel in its resolution of the case and render moot and academic the pending proceedings; b) To allow management to finalize refinancing within three (3) months through an American trust company; c) To allow management to effectively address the threatened issuance of a writ of execution by the RTC-Angeles on or after 15 November 1999 and the possible consequent hostile takeover bid of a Malaysian group; d) The fact that Mondragon's Chairman and CEO and Chief Financial Officer are still in the United States finalizing the terms of the refinancing by an American trust company; ; e) As a measure of self-preservation and to protect other creditors and stockholders in view of the likelihood that the Club loan banks have worked out an arrangement with CDC and the Malaysian group (or other investors) to effect a takeover of the Mimosa Leisure Estate (Mondragon's principal assets) for a song so to speak, to the prejudice of other creditors and stockholders. SIGNATURES 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. cdlex MONDRAGON INTERNATIONAL PHILIPPINES, INC. Registrant (SGD.) PIERRE PAUL S. BUHAY Financial Comptroller