PSE Circular for Brokers No. 646-98

April 8, 1998 PSE CIRCULAR FOR BROKERS NO. 646-98 Securities and Exchange Commission Current Report Pursuant to Section 11 of the Revised Securities Act ("RSA") and RSA Rule 11(a)-a(b)(3) Thereunder SEC FORM 11-C 1. Date of Report 24 March 1998 2. SEC Identification Number 147212 3. BIR Tax Identification No. 000-323-228 4. Registrant International Container Terminal Services, Inc. 5. Country of Incorporation Philippines 6. Industry Classification Code 7. Address of Principal Office ICTSI Administration Building, Manila International Container Terminal, MICT South Access Road, Manila 8. Registrant's Telephone No. 245 4101 9. Securities registered pursuant to Sections 4 and 8 of the RSA Titles of Class Number of Shares Outstanding Common shares 1,429,250,755 (Reported by the stock transfer agent as of 31 March 1998) 10. Item number reported herein Item 9 Other Events ICTSI MANILA HOLDINGS, INC. which is beneficially owned 100% by INTERNATIONAL CONTAINER TERMINAL SERVICES INC. (ICTSI) has converted a portion of its ICTSI peso convertible notes to 100,000,000 shares of ICTSI at the conversion price of PhP2.55 per share effected 01 April 1998. The exercise will allow more shares of stocks in ICTSI to be owned by foreigners in 60-40 ratio. Since ICTSI MANILA HOLDINGS INC. is beneficially owned by ICTSI there is no effective dilution on economic benefits to individual ICTSI stockholders resulting from this conversion. 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 hereto duly authorized. INTERNATIONAL CONTAINER TERMINAL SERVICES, INC. By: (SGD.) EDGARDO Q. ABESAMIS Executive Vice President