PSE Circular for Brokers No. 876-99

April 26, 1999 PSE CIRCULAR FOR BROKERS NO. 876-99 SECURITIES AND EXCHANGE COMMISSION SEC FORM II-C CURRENT REPORT UNDER SECTION 11 OF THE REVISED SECURITIES ACT (RSA) AND RSA RULE 11(a)-1(b)(3) THEREUNDER 1. April 24, 1999 Date of Report (Date of earliest event Reported) 2. SEC Identification Number CE-02536 3. BIR TIN 003-323-250-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 600 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 Stock P1 Par Value 5,383,721,574 Total Debt Outstanding 2,469,305,000 11. Indicate the item numbers reported herein: 9(a)(1)(J) Item 9 (a)(1)(J) Purchase of sale of stock or convertible debt securities of other companies when the amount exceeds a significant part of the issuer's of purchasers net worth. LexLib Aboitiz Equity Ventures wholly owned subsidiary Aboitiz Power Corporation (APC) has agreed to purchase $59,338 shares in Visayan Electric Company Inc. (VECO) and 6,868 shares in Hijos de F. Escano, Inc. representing a combined beneficial ownership in VECO of 20.5% for approximately 586 million pesos. This brings Aboitiz Power's total beneficial ownership in VECO to 37%. Funding for this purchase will come from Aboitiz Powers internally generated funds. Visayan Electric Company, Inc. is the second largest electricity distributor in the Philippines with a franchise area covering the City of Cebu and neighboring cities and municipalities. Metropolitan Cebu is the second-largest urban Center in the Philippines after Metro Manila and the Cebu area has over the last decade one of the fastest growing economies in the country. Aboitiz Power Corporation has interests in power distribution, generation and energy services. Its investments include Davao Light & Power Co., the third-largest electricity distributor in the Philippines. Cotabato Light & Power, Hydro Electric Development Corporation, Aboitiz Powersolutions, and investments in several other electricity generation projects. The increase of APC's stake in VECO is consistent with Aboitiz Equity Ventures' strategy of focusing its investments in its core businesses, foremost of which is electricity. The Aboitiz Group has been invested in electricity distribution since the 1930s. cdlex 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. ABOITIZ EQUITY VENTURES, INC. By: (SGD.) JESUS A. SANTIAGO Corporate Secretary