PSE Circular for Brokers No. 400-98

March 18, 1998 PSE CIRCULAR FOR BROKERS NO. 400-98 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. March 17, 1998 Date of Report (Date of earliest event reported) 2. SEC Identification No. AS093004369 3. BIR Tax 002-825-058 4. Benpres Holdings Corporation Exact name of registrant as specified in its Articles of Incorporation 5. Metro Manila 6. Place of incorporation 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 4,573,982,518 shares P4,573,982,518.00 Long-Term Comm. Papers P3,000,000,000.00 11. Indicate item numbers reported herein: Item 9. Other Events Benpres Holdings Corporation, today, received approval from the National Telecommunications Commission for the transfer of its shares in ABS-CBN Broadcasting Corporation to Lopez, Inc. NTC approval is required for the transfer of more than 40% of the outstanding capital stock of a public utility. Benpres owns 553,457,304 shares in ABS-CBN representing 70.99% of its issued and outstanding capital stock. Benpres also owns 1,000,000 common shares in Sky Vision Corporation representing 20% of Sky Vision Corporations' authorized capital stock. Benpres intends to transfer its shares in ABS-CBN and Sky Vision to Lopez, Inc. in exchange for convertible and non-convertible notes. The consideration for the transfer of ABS-CBN shares will be based on the market value of the shares which as of January 24, 1998 amounted to about P9 billion. The Sky Vision shares will be transferred at its book value. cdpr Benpres still has to obtain the approval from its creditors, particularly the holders of long term commercial papers, before it could finally effect the transfer. BENPRES HOLDINGS CORPORATION Registrant By: (Sgd.) ENRIQUE I. QUIASON Corporate Secretary