PSE Circular for Brokers No. 887-99

April 27, 1999 PSE CIRCULAR FOR BROKERS NO. 887-99 April 26, 1999 SECURITIES AND EXCHANGE COMMISSION 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 16, 1999 Date of Report (Date of earliest event reported) 2. SEC Identification Number 17614 3. BIR TIN 322- (Illegible portion in Philippine Stock Exchange files) 4. RIZAL COMMERCIAL BANKING CORPORATION Exact name of registrant as specified in its charter 5. Philippines Province, country or other jurisdiction and incorporation 6. [ ] (Sec Use Only) Industry Classification Code 7. Cor. Sen. Gil J. Puyat Ave., Makati City Address of principal office 8. Registrant's telephone number including area code 9. Not applicable 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, P10.00 par value 432, 964,018 (as of each class) 11. Indicate the item numbers reported herein: Item 9 Item 9 Other Events. ( Illegible portion in Philippine Stock Exchange files ) press release of ( Illegible portion in Philippine Stock Exchange files ) regarding its Preferred shares P2-B RCBC Preferred Shares Offering is Oversubscribed Rizal Commercial Banking Corporation's public offering of 200,000.00 preferred shares at a par value of P10 per share has been oversubscribed, raising an additional P2 billion capital for the bank. This was reported yesterday by Alfonso S. Yuchengco III, RCBC vice-chairman and Francisco A. Dizon, president and CEO. "RCBC's total capital now exceeds P14-billion. It has total resources of over P110-billion. The oversubscription is a reflection of the public's continuing confidence in RCBC." the two officials said. It is so for the biggest preferred share issuance in the local banking industry. RCBC is the 6th largest private universal bank in the country, with close to 300 branches nationwide. The preferred shares have a five-year term and a cumulative dividend rate, which is set every quarter, based on the of 91-day T-Bill rate. The preferred shares are non-voting and are not convertible to the common shares of the bank. The success of the preferred Shares Offering will further enhance the standing of RCBC vis-a-vis the other universal banks, thereby allowing the bank to actively pursue mergers and acquisition opportunities as it has done recently in its acquisition of Capital Development Bank. LLpr "RCBC will now be more prepared to face the challenges and be more receptive to various opportunities that may come its way," Yuchengo said. RCBC Capital Corporation acted as issue manager and sole underwriter for this Preferred Share Offering. SIGNATURES 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. RIZAL COMMERCIAL BANKING CORP. Registrant (SGD.) CESAR A. RUBIO Executive Vice-President Corporate Information Officer