PSE Circular for Brokers No. 607-98

April 6, 1998 PSE CIRCULAR FOR BROKERS NO. 607-98 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. April 3, 1998 Date of Report (Date of earliest event reported) 2. SEC Identification Number CE-02536 3. BIR TIN 003-828-269-V 4. ABOITIZ EQUITY VENTURES, INC. Exact name of registrant as specified in its charter 5. Cebu City, Philippines Province, country or other jurisdiction of incorporation 6. [ ] Industry Classification Code: 7. Archbishop Reyes Ave., Banilad, Cebu City 6000 Address of principal office Postal Code 8. (032) 2310-705 Registrant's telephone number, including area code 9. N.A. 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 P1 Par Value 5,694,599,621 11. Indicate the item numbers reported herein: 9(a)(1)(J). Item 9 (a)(1)(J). Purchase of stock . In pursuance of the AEV shares buy-back program approved by the Board of Directors the Corporation has purchased today, April 3, 1998 One Million Eight Nineteen Thousand (1,819,000) additional shares of AEV. cdt Additional Information The Board approved a program to buy-back shares. The amount and timing of the buyback program was left to management, specifically the CEO and COO. The rationale for the buyback, which was that market prices did not reflect the true value of the shares, and therefore remaining shareholders would benefit from a buyback into treasury that reduced the number of outstanding shares, also provides the guidelines for the actual share purchases. The principal criteria is that it benefits remaining shareholders. Under that guidelines, the company would only buyback shares when it believed the share price was undervalued, and that the cash expenditure for the buyback did not jeopardize prospective projects of the company. SIGNATURE(S) 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. cdt Aboitiz Equity Ventures By: (SGD.) SYLVA A. PADERANGA Assistant Corporate Secretary REPUBLIC OF THE PHILIPPINES ) CITY OF CEBU )S.S. CERTIFICATION The undersigned, SYLVA G. AGUIRRE-PADERANGA after having been duly sworn according to law, hereby deposes and states that: 1. She is a Filipino, of legal age, married, and a resident of Cebu City, Philippines; 2. She is the duly elected Assistant Corporate Secretary of ABOITIZ EQUITY VENTURES, INC., a corporation duly organized and existing under and by virtue of the laws of the Philippines; 3. She hereby certifies that the following AEV shares of stock were purchased by the Corporation in pursuance of the AEV shares buy-back program approved by the Board of Directors: Date # of Shares U . Price Total Value April 3, 1998 80,000 1.94 P155,200.00 1,289,000 1.96 2,526,440.00 450,000 1.98 891,000.00 1,819,000 P3,572,640.00 Cebu City, Philippines, April 3, 1998. ABOITIZ EQUITY VENTURES, INC. By: (SGD.) SYLVA G. AGUIRRE-PADERANGA Assistant Corporate Secretary SUBSCRIBED AND SWORN to before me this 03 April 1998 at Cebu City, Philippines. Affiant exhibiting to me her Comm. Tax Cert. No. 3507567 issued at Cebu City on February 27, 1998. Doc. No. 58; Page No. 73; Book No. 4; Series of 1998.