PSE Circular for Brokers No. 662-98

April 14, 1998 PSE CIRCULAR FOR BROKERS NO. 662-98 COVER SHEET INTERNATIONAL CONTAINER TERMINAL SERVICES, INC . (Company's Full Name) ICTSI Administration Building, Manila International Container Terminal, South Access Road, North Harbor, Manila (Company's Address) (632) 245-4101 Telephone Number December 31 3rd Thursday of April (Fiscal Year Ending) (Annual Meeting) SEC Form 11-C (Form Type) _________________________________ Amendment Designation (If Applicable) _________________________________ (Secondary License Type and File Number) _____________ _____________ Cashier LCU _____________ DTU 147212 S.E.C. REG No. ___________ _ _ _ _ _ _ __ _____________ Central Receiving Unit File Number ______________ Document I.D. 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: 07 April 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 1,529,250,755 (Reported by the stock transfer agent as of 03 April 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 2,500,000 shares of ICTSI at the conversion price of PhP2.55 per share effected 06 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. LLphil INTERNATIONAL CONTAINER TERMINAL SERVICES, INC. By: (SGD.) EDGARDO Q. ABESAMIS Executive Vice President