PSE Circular for Brokers No. 2962-99

November 19, 1999 PSE CIRCULAR FOR BROKERS NO. 2962-99 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 (Date of earliest event reported): 18 November 1999 2. SEC Identification No.: 60566 3. BIR Tax Identification No.: 004-504-2281-VAT 4. Exact name of registrant as specified in its charter: EAST ASIA POWER RESOURCES CORPORATION (formerly Northwest Holdings & Resources Corporation) 5. Philippines Province, country or other jurisdiction of incorporation 6. (SEC Use Only) Industry Classification Code: 7. 20th Floor OMM-CITRA Condominium, San Miguel Avenue, Pasig City 1605 Address of principal office Postal Code 8. (632) 633-1626 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 1,292,625,456 Outstanding Shares (446,625,456 shares being applied for listing/846,000,000 shares listed on the PSE US$49,000,000.00 and PhP10,000,000.00 in Outstanding Debt 11. Indicate the Item numbers reported herein: Item 4 Resignation, Removal or Election of Registrant's Directors or Officers: Item 9(c) Other Events: Any decision taken to carry out extraordinary investments or the entering into financial or commercial transactions that might have a material impact on the company's situation. 12. Report on Items. East Asia Power Resources Corporation ("EAPRC" or the "Company"), wishes to inform the Securities & Exchange Commission ("PSE") and the Philippine Stock Exchange, Inc. ("PSE") that, in the regular meeting of the Board of Directors held today, the following matters were approved and adopted by the Board, with respect to: Item 4 Resignation, Removal or Election of Registrant's Directors or Officers For the purpose of filing two (2) vacancies in the Board of Directors arising from the resignation therefrom by Messrs. Andrew L. Gotianun, Sr., and Jonathan T. Gotianun last 28 September 1999, the Board of Directors elected Messrs. David G. Gray and John S. A. Slack to fill the vacancies, for the remainder of the unexpired terms of the resigned directors, until their successors shall have been elected and qualified at the next annual stockholders' meeting. Item 9(c) Other Events: Any decision taken to carry out extraordinary investments or the entering into financial or commercial transactions that might have a material impact on the company's situation. The Board also approved today the execution of agreements with respect to the following transactions: a. For East Asia Diesel Power Corporation ("EADPC") to Sell Electricity to Duracom Mobile Power Corporation ("DMPC"), as well as the project implementation budget therefor; b. For DMPC to enter into a contract for the supply of an additional 108MW of capacity to the Manila Electric Company ("MERALCO"), under the terms and conditions of, and expiring at the same time as, the existing Power Supply Agreement between DMPC and MERALCO; c. For a power supply agreement with the Cebu II Electric Cooperative, Inc. ("CEBECO II"), for a period of 15 years on a Build-Operate-Own ("BOO") basis; and d. For a power supply agreement with the Visayan Electric Company, Inc. ("VECO"), for a period of 10 years on a Build-Operate-Own (BOO") basis. 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. llcd EAST ASIA POWER RESOURCES CORPORATION By: (SGD.) J. ILDEBRANDO B. AMBROSIO Assistant Corporate Secretary