PSE Circular for Brokers No. 393-99

March 3, 1999 PSE CIRCULAR FOR BROKERS NO. 393-99 SECURITIES AND EXCHANGE COMMISSION CURRENT REPORT PURSUANT TO SECTION 11 OF THE REVISED SECURITIES ACT AND RSA RULE 11(A)-1 (b) (3) THEREUNDER SEC FORM 11-C (Current Events Item 9) 1. Date of Report August 19, 1998 2. SEC Identification Number 91447 3. BIR Tax Identification No. 410-000-191-324-NV 4. Exact Name of Registrant as specified in its charter: SEMIRARA COAL CORPORATION 5. Philippines Province, Country or other Jurisdiction of incorporation or organization 6. [ ] (SEC use only) Industry Classification Code 7. It address of Principal 7th Floor, Quad Alpha Centrum (Condominium) Building, 125 Pioneer St., Mandaluyong City 8. Registrant's telephone Number, Including area code: (632)631-80-01 to 10 9. Former name, former address, and former fiscal year, if change since last Report: Not Applicable 10. Securities registered pursuant to Sections 4 and 8 of the RSA. Title of Each Class No. of shares of stock Common shares 125,810,945,800 common shares Preferred shares 15,000 preferred shares (122,798,555.306 common shares, par value of P.01 per share exempt under Sec. 6(a)(4) of the Revised Securities Act, 13,418,000,000 common shares, per value of P.01 per share, exempt Under Sec. (a)(7) of the Revised Securities Act.) Subject of SEC Resolution No. 041, Series of 1998 dated August 13, 1998 the issue of 7,843.994 common shares, par value P0.01 per share and the issue of 400,000,000 shares with par value of P1.00 per share subject of SEC Resolution No. 042, Series of 1998 dated August 13, 1998, issuance Thereof were exempt transaction under Section 6(a) (4) of the Revised Securities Act (RSA). 11. Indicated the item numbers reported herein: Item 2 Item 2 Disposition of Asset On February 15, 1999 Semirara Coal Corporation (SCC) and National Book Store, Inc . (NBS) signed and executed a Deed of Absolute Sale over SCC's rights, title and interest in and to the Fourth Floor office Condominium units IV-B covered by Condominium Certificate of Title No. 3822 with an area of 211.462 square meters and unit IV-C covered by condominium certificate of title no. 3823 with an area of 205.513 square meters or total of office space area of 416.975, square meters which condominium units form part of Quad Alpha Centrum Condominium project located at 125 Pioneer St., Mandaluyong City including the three(3) parking slots at the basement identified as slot "G" all in "as is where, is basis" at a total price of P10,632,862.80 based on fair market value of the property in the area. The proceeds of said sale was used to defray for payment of maturing obligations of the company. That this disposition is very minimal and will not amount to ten (10%) percent of the total assets of the corporation. cdlex The sale was approved by at least majority of the members of the Board of Directors on February 2, 1999 in Resolution RBR 2-1, Series of 1999. 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. SEMIRARA COAL CORPORATION (SGD.)BENIGNO F. MORALES Corporate Secretary