PSE Circular for Brokers No. 494-99

March 16, 1999 PSE CIRCULAR FOR BROKERS NO. 494-99 March 15, 1999 SECURITIES AND EXCHANGE COMMISSION SEC FORM 11-C CURRENT REPORT UNDER SECTION 11 OF THE REVISED SECURITIES ACT (RSA) AND RSA RULE 11(a)-1(b)(3) THEREUNDER 1. March 15,1999 Date of Report 2. SEC Identification Number ASO94-006430 3. BIR Tax Identification Number: 003-942-108 4. EMPIRE EAST LAND HOLDINGS, INC. Exact name of registrant as specified in its charter 5. Metro Manila Province, Country or other jurisdiction of incorporation or organization 6. (SEC Use Only) Industry Classification Code 7. 21st Floor, The World Centre 330 Sen. Gil J. Puyat Avenue Makati City, Philippines 1227 Address of principal office 8. (632) 867-8351 to 59 Registrant's telephone number, including area code 9. Securities registered pursuant to Sections 4 and 8 of the Revised Securities Act Title of Class No. of Common Shares Outstanding Common 4,676,530,649 10. Item 9. Other Events The Corporation signed a Subscription Agreement, this afternoon, with United Coconut Planters Bank ("UCPB") whereby UCPB shall, subscribe to Nine Hundred Fifty Million (950,000,000) Series "C" Preferred Shares of the Corporation under a private placement. The Series "C" Preferred Shares shall be non-voting, non-participating, and convertible into common shares of the Corporation after two (2) years from issuance. They shall be entitled to annual dividends and shall be mandatorily redeemed at the end of seven (7) years from date of issuance. The Corporation intends to issue an additional 450,000,000 Series "C" Preferred Shares, thus, making the total Series "C" Preferred Shares issue to 1.4 Billion shares. LexLib The Corporation will also file with the Securities and Exchange Commission, an application for exemption from registration of 285,723,080 zero coupon, non-redeemable, convertible Series "B" Preferred Shares of the Corporation as well as seven (7)-Year redeemable convertible notes, with both issues to be subscribed by the Philippine National Bank ("PNB"). SIGNATURE 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. cdll EMPIRE EAST LAND HOLDINGS, INC. By: (SGD.) ENRIQUE SANTOS L. SY Corporate Secretary