PSE Circular for Brokers No. 697-98

April 17, 1998 PSE CIRCULAR FOR BROKERS NO. 697-98 April 16, 1998 SEC FORM 11-C Current Report under Section 11 of the Revised Securities Act (RSA) and RSA Rule 11(a)-a(b)(3) Thereunder 1. Date of Report: 16 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 1,383,005,005 (Reported by the stock transfer agent as of 10 March 1998) 10. Item number reported herein: Item 9 Other Events In the Annual Stockholders Meeting of International Container Terminal Services (ICTSI), Inc. held today, the ICTSI stockholders approved/ratified the following: Declaring 50% stock dividend in favor of stockholders as of record date to be fixed by the Securities and Exchange Commission. Increasing the authorized capital of the corporation from PhP2,500,000,000.00 divided into 2,500,000,000 shares with par value of PhP1.00 per share to PhP5,560,000,000.00 divided into 5,560,000,000.00 shares of stock with par value of PhP1.00 per share. LexLib In the organizational meeting held immediately after the stockholders meeting, the Board of Directors accepted the retirement of Rogelio C. Salazar as president of ICTSI effective today. Mr. Salazar, however, shall continue to be a board Director of ICTSI. Subsequently, the Board of Directors elected Enrique K. Razon Jr. to be president and concurrently as Chairman of the Board. 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.) RAFAEL T. DURIAN Corporate Secretary