MacroAsia Corporation

December 7, 1999 PSE CIRCULAR FOR BROKERS NO. 3113-99 SUBJECT : MacroAsia Corporation MacroAsia Corporation ("MAC") furnished the Exchange a copy of its amended SEC Form 11-A for fiscal year ended December 31, 1998 with the following amendments: Item 1 . Business " MacroAsia Corporation , a publicly-listed company, and formerly known as Infanta Mineral and Industrial Corporation, was incorporated on February 16, 1970, initially as a mining company engaged in geological exploration and development. It came to its present form as MacroAsia Corporation when the SEC approved its Amended Articles of Incorporation on November 06, 1995. 1996 was the Company's first year of commercial operations as a holding company under its new charter and was the year when four (4) of its (5) present subsidiaries came about. MacroAsia Airport Services Corporation, a new subsidiary, was incorporated in September 1997. . . . llcd MacroAsia Eurest Catering Services, Inc . ( MECS ) . . . MECS which started commercial operations only in September 1998, has eleven (11) clients as of December 31, 1998 which includes Northwest Airlines, Singapore Airlines, Saudia Airlines, Luftansa Airlines and Qantas Airlines. These major airlines represent 70% of MECS' total revenues. MECS' market is about 33% as of December 31, 1998. MECS' meal revenues are classified as export sales and constitutes 53% of the 1998 consolidated total revenue of MacroAsia Corporation. . . ." LexLib Item 6. Management's Discussion and Analysis or Plan of Operation "1996 was predominantly a pre-operating or developmental phase for MacroAsia Corporation and its subsidiaries and registered no significant earnings. In 1997 MacroAsia Air Taxi Services Corporation and MacroAsia Properties began their first full year of commercial operations. Consistent to its vision, the Company continued to pursue projects through 1998 and continued its efforts to tie up with internationally acclaimed companies in aviation related businesses to be potential partners for MAC's future projects. It was also the year when MECS and MASCORP started their operations. MECS will have a more stable operation starting 1999, and MASCORP is expected to be in full commercial operations by the second half of 1999, providing quality ground handling services at NAIA initially, and at Mactan-Cebu International Airport subsequently. MacroAsia Corporation maintains communication with potential international partners for the development of other aviation-related businesses such as cargo warehousing, maintenance and engineering services, simulator training centers and fuel tank farm. Results of Operations "Total Revenue soared by 156.17% to P217 million in 1998 compared to 1997 (increased by 20% to P85 million in 1997 compared to 1996), primarily due to the start of commercial operations of MacroAsia Eurest Catering Services Inc. (MECS) in September 1998. Charter revenue also increased by 17.45% as compared to last year, 1998 being election year (increase in 285% in 1997 compared to 1996, having only started its commercial operations in October 1996). As a consequence of the increase in revenues during 1998, direct cost and operating expenses also went up. Financing charges in 1998 went up also as MECS had to secure loans and advances for its capital expenditures and working capital requirements. . . ." cdll FINANCIAL POSITION ". . . Property and Equipment increased to P401 million in 1998 as compared to P56 million in 1997 and P67 million in 1996, as a result of the completion of the inflight kitchen at Ninoy Aquino International Airport and the purchases of kitchen equipment needed for operation. . . . Minority interests comprises the 13% share of Eurest International B.V. and 20% share of Singapore Airline Terminal Services, (Private) Ltd. in the MECS." Item 9 . Directors and Executive Officers of the Registrant Additional information on the period served and business experience for the past 5 years of the executive officers, Mr. Daniel Roman S. Pido and Reynaldo O. Munsayac; and the significant employee, Ms. Leliza A. Esperanza. . . . Item 11 . Security Ownership of Certain Beneficial Owners & Management "xxx xxx xxx Security Ownership of Management : Title of Class Name of Owner/Address Amount of Ownership Nature of Ownership % of Class Common Lucio K. Tan, Jr. 100,000 B <1% President and CEO Common Wee ah Kee 550,000 B <1% Chief Operating Officer Security Ownership of All Directors and Officers as a Group Common All directors and officers 3,050,000 B <1% xxx xxx xxx" A copy of MAC's amended SEC Form 11-A is available for reference at the PSE Center and PSE Plaza Libraries. For your information. LexLib (SGD.) MARIA ISABEL T. GARCIA OIC, Listings and Disclosure Group