PSE Circular for Brokers No. 3268-99

December 22, 1999 PSE CIRCULAR FOR BROKERS NO. 3268-99 SECURITIES AND EXCHANGE COMMISSION SEC FORM 11-C CURRENT REPORT UNDER SECTION 11 OF THE REVISED SECURITIES ACT (RSA) AND THE RSA RULE 11(a)-1(b)(3) THEREUNDER 1. December 13, 1999 Date of Report (Date of earliest event reported) 2. SEC Registration No. AS093-04369 3. BIR TIN. 002-825-058 4. Benpres Holdings Corporation Exact name of registrant as specified in its Articles of Incorporation 5. Metro Manila Place of incorporation 6. 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 4,581,544,408 shares 4,581,544,408 Long Term Commercial Papers P3,000,000,000.00 11. Indicate Item numbers reported herein: Item 9. Other Events Bayan Telecommunications Holdings Corporation, an affiliate of Benpres Holdings Corporation, has fully provisioned a capital loss for its investment in Express Telecommunications Co., Inc. in the amount of P4,714,926,635 for the fiscal year 1999. Benpres owns 46.39% of Bayan Telecommunications Holdings Corporation. BENPRES HOLDINGS CORPORATION Registrant By: (SGD.) ANGEL S. ONG Vice President-Finance