PSE Circular for Brokers No. 594-00

March 9, 2000 PSE CIRCULAR FOR BROKERS NO. 594-00 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. Date of Report (Date of earliest even. reported): 08 March 2000 2. SEC Identification No. 60566 3. BIR Tax Identification No.: 004-504-2281-VAT 4. Exact name of registrant as specified in its charter: EAST ASIA POWER RESOURCES CORPORATION (formerly Northwest Holdings &, Resources Corporation) 5. Philippines 6. (SEC Use Only) Province, country or other jurisdiction Industry Classification Code: of incorporation 7. 20th Floor OMM-CITRA Condominium, San Miguel Avenue, Pasig City 1605 Address of principal office Postal Code 8. (632) 633-1626 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 3,554,720,004 Outstanding Shares US$25,000,000.00 in Outstanding Debt 11. Indicate the item numbers reported herein: Item 9(c) Other Events: Facts of any nature that materially affect or might materially affect the economic, financial or equity situation of those companies controlling, or controlled by the company including the sale of or the constitution of sureties/pledges on an important part of such companies' assets 12. Report on Items. East Asia Power Resources Corporation ("EAPRC" or the "Company"), wishes to inform the Securities & Exchange Commission ("SEC") and the Philippine Stock Exchange, Inc. ("PSE") that it is in receipt of a letter of even date from El Paso Philippines Holding Company, Inc. ("EPPH"), holder of 91.7% of the issued and outstanding shares of stock of EAPRC (copy attached), stating that, upon approval by the Securities & Exchange Commission of the issuance of shares to HEIPC Philippines Holding Company, Inc. ("HEIPC"), HEIPC will own fifty percent (50%) of the issued and outstanding shares of EPPH. HEIPC is the wholly-owned subsidiary of HEI Power Corporation, based in Hawaii, USA. 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. EAST ASIA POWER RESOURCES CORPORATION By: (SGD.) J. ILDEBRANDO B. AMBROSIO Assistant Corporate Secretary March 8, 2000 J. Ildebrando B. Ambrosio Assistant Corporate Secretary East Asia Power Resources Corporation 20th Floor, OMM-CITRA Condominium San Miguel Avenue, Ortigas Center Pasig City, Philippines RE : Change in Ownership of El Paso Philippines Holding Company, Inc. Dear Attorney Ambrosio : The purpose of this letter is to inform you of a recent change in ownership of El Paso Philippines Holding Company, Inc. ("EPPH"). On March 7, 2000, EPPH and its parent (EPEC Nederland Holding B.V.) completed a transaction with HEIPC Philippines Holding Co., Inc. ("HEIPC") whereby HEIPC will subscribe for shares of EPPH. Following the approval of the Securities and Exchange Commission and the issuance of such shares of EPPH to HEIPC, HEIPC will own 50% of the issued and outstanding shares of EPPH. HEIPC is an indirect subsidiary of Hawaiian Electric Industries, Inc., a publicly traded company based in the United States. Sincerely, Robert W. Baker On behalf of El Paso Philippines Holding Company and EPEC Nederland Holding B.V.