PSE Circular for Brokers No. 519-99

March 18, 1999 PSE CIRCULAR FOR BROKERS NO. 519-99 SECURITIES AND EXCHANGE COMMISSION SEC FORM 11-C CURRENT REPORT UNDER SECTION 11 OF THE REVISED SECURITIES ACT (RSA) AND RSA RULE 11(a)-11(b) (3) THEREUNDER 1. Date of Report (date of earliest event reported) March 17, 1999 2. SEC Identification Number The SEC Registration No. of the Registrant is 937 3. BIR Tax Identification Number The BIR Tax Identification No. of the Registrant is TIN 000-391-438 4. Exact Name of Registrant as specified in its charter EEI Corporation 5. Province, Country or other Jurisdiction of Incorporation Manila, Philippines 6. Industry Classification Code __________ (SEC Use Only) 7. Address of Principal Office No. 1 Ekonomia St., Bagumbayan, Quezon City 8. Registrant's Telephone Number, including Area Code 635-0851 up to 56 9. Former Name or Former Address, if changed since last Report The Registrant has not changed its address since its last report to this Honorable Commission 10. Securities registered pursuant to Section 4 and 8 of the RSA No. of Shares Title of No. of Shares Amount of Registered Each Class Outstanding Debt Outstanding 3.5 Billion Common 11. Indicate the Item Numbers reported herein: Item No. 9 Please see attached Pursuant to the requirements of the Revised Securities Act, the Registrant duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. dctai EEI CORPORATION By: (SGD.) FERDINAND G. VILLAFUERTE Corporate Secretary EEI GETS NEW $12 . 5 M . SAUDI PROJECT EEI Corporation disclosed that its Saudi Arabian subsidiary Al Rushaid Construction Company signed a US$12.5 million contract for the ARAMCO's Shedgum Gas Plant Debottlenecking Project in Saudi Arabia. The project, awarded by general contractor Pritchard Al-Bassam Co. Ltd., United States, involves the construction of furnaces, gas separator columns and other structures for this natural gas production facility. EEI a publicly listed construction company and a leading industrial construction player was heavily involved in large projects in the Middle East in the 1980s. "The contract represents another step in our drive to significantly expand our presence overseas and become a globally-competitive construction company," Construction Division Senior Vice-President and General Manager, Antonio S. Pascua declared. He added that the project represents not only foreign exchange revenues for EEI, but also for the country and additional jobs much needed by the Philippines in light of the economic downturn. cdll He noted that this is the second large-scale project awarded to EEI's joint venture operation in Saudi Arabia within less than a year after it was contracted by Mitsubishi Heavy Industries of Japan to construct the Ghazian power plant project last year. The Shedgum project is set to start by March this year with an expected total manpower complement of 600 men. Pascua also disclosed that mobilization of manpower and construction equipment for the Ghazian power plant project commenced in the second semester last year and construction work has already begun. The company is in charge of the erection of boilers, turbine generators and other equipment for the 2,400 megawatt power plant in a US$40 million contract over period of two and a half years with a total manpower complement of 1500 men. Our thrust is to expand aggressively abroad so that we can have a balanced geographic mix in our construction orderbook and hedge this wider market presence against slowdowns in certain regions and markets," Pascua explained. He added that with intensified marketing efforts in the Middle East, it expects to book additional project orders within 1999. EEI has capitalized effectively on its long-standing and mutually satisfactory relations with international contractors such as MHI, Sumitomo, Becthel Corporation, JGC Chiyoda, Alsthom and Chiyoda Keiso of Japan to obtain projects in the country and abroad. The company is involved in the construction of the $650 million EDSA MRT project, and was tapped to undertake electromechanical, civil and industrial construction works in various power plant projects such as the Quezon Power Plant in Mauban, the Pagbilao power plant also in Quezon and the Sual power plant in Pangasinan. llcd