PSE Circular for Brokers No. 490-99

March 16, 1999 PSE CIRCULAR FOR BROKERS NO. 490-99 12 March 1999 SECURITIES AND EXCHANGE COMMISSION SEC Form 11-C Current Report Pursuant to Section 11 of the Revised Securities Act and RSA Rule 11(a)-1 (b)(3) Thereunder 1. 12 March 1999 2. Commission Identification Number (SEC Registration No.) 7199 3. BIR TIN 002-856-627 4. Acesite (Phils.) Hotel Corporation 5. Philippines 6. Industry Classification Code: _______________ 7. Room 527, Holiday Inn Manila, United Nations Avenue, Ermita, Manila 1000 8. Telephone Number (632) 526-1212 9. Former Name Delbros Hotel Corporation Ermita, Manila Former Address Delbros Suites, 22nd Floor, Manila Hilton, UN Ave., Former FY January-December 10. Common Stock (P1.00 par value) Authorized 300,000,000 shares. Issued 79,881,847 shares 11. Items to be reported: The corporation requests the SEC to continue the processing of the exemption from registration of the issuance of the 25% stock dividend of 19,970,461 common shares with the par value of P1.00 each, with a total par value of P19,970,461.00. During the annual stockholders meeting held on 19 August 1998, a 25% stock dividend was approved for all stockholders on record as of 29 July 1998. Due to a retained deficit per the unaudited financial statements as of 30 June 1998, the SEC held the request for the exemption from registration in abeyance. As of 31 December 1998, interim financial statements of the corporation show that the retained earnings of P40,381,482 is sufficient to accommodate the said stock dividend. This request, when approved by the SEC, will pave the way for the distribution and the PSE listing of the 25% stock dividend. LLcd Acesite (Phils.) Hotel Corporation By: (SGD.) RICKY L. RICARDO Manager, Corporate Affairs