The Yaos own Macay Holdings
As the principal stockholder of Macay Holdings Inc. (Macay), Mazy’s Capital Inc. held 958.942 million Macay common shares, or 89.76 percent, as of March 31, 2018.
In a filing, Macay had this to say about the Yao family: “Mr. Armando M. Yao is the brother of Mr. Alfredo M. Yao. Mr. Jeffrey S. Yao, Ms. Carolyn S. Yao, and Ms. Mary Grace S. Yao are the children of Mr. Alfredo M. Yao.
Macay also said in the same filing that “all other directors and officers are not related either by consanguinity or affinity.”
In a definitive information statement, Macay named Antonio I. Panajon (president) as one of the five highest paid executives. The others were Renato J. Jamiang, controller; Andrea A. Pama, director, marketing and business development; Nicole R. Jaime, director, business development and investor relations; and Mhark A. Serato, senior manager, business development and investor relations.
As a group, Panajon and company received salary of P6.35 million and bonus of P4.55 million in 2016. They got salary of P6.10 million and bonus of P7.16 million in 2017. This year, Macay estimated the group’s salary at P9.97 million and their bonus and other compensation at P6.35 million.
Macay’s 12 directors including Alfredo M. Yao received bonus of P2.15 million in 2016 and P1.73 million in 2017. Based on estimate, they would be paid P1.94 million in 2018.
Insiders’ trades
Oscar M. Lopez, chairman emeritus of Energy Development Corp. (EDC), sold on Nov. 5, 2018 EDC common shares in two trades – 30,108 of his directly held common shares and 75,093 EDC common shares he indirectly
owned. The sale reduced his direct holdings in EDC to one and his indirect ownership to zero.
In a general information sheet (GIS), EDC identified Red Vulcan Holdings Corp. as parent company with 7.56 billion EDC common shares and 9.375 billion voting preferred shares, or 16.875 billion EDC shares. Philippine
Renewable Energy Holdings Corp., which EDC’s GIS said is Dutch, held 8,899,999,810 EDC common shares, or 31.659 percent.
Both Red Vulcan and Philippine Energy are owned by the Lopezes. First Gen Corp., another Lopez company, held 148.911 million EDC common shares, or 0.53 percent.
Alberto M. Montilla is a member of the nine-person board of ISM Communications Corp. (ISM). On Nov. 7, 2018, he sold 10.1 million ISM common shares in two blocks– 4.9 million at P5.36 each and 5.2 million at P5.18 each.
The sale reduced to 15.023 million, or 0.38 percent, his direct and indirect holdings in ISM Communications.
In a filing, Montilla said the sale of 4.9 million ISM common shares, or 0.64 percent, were taken from the 12,561,403 ISM common shares he directly owned. He also disclosed that he sourced the 5.2 million ISM common shares from 12,561,414 ISM common shares that he indirectly owned.
Summarizing his remaining ownership of ISM common shares, Montilla said after the sale, his direct and indirect holdings totalled 7,661,403 and 7,361,414 ISM common shares.
Due Diligencer’s take
As one of the companies owned by the Lopezes, EDC attributed to the public the ownership of 2.039 billion common shares, or 10.882 percent.
If the Lopezes want EDC’s public stockholders to believe that they care, they may want to start treating them as part owners of the company.
As EDC’s public ownership report (POR) showed, as of Sept. 30, 2018, EDC’s foreign ownership stood at 9.797 billion common shares, or 34.85 percent.
Of course, the Lopezes are not the only owners of listed companies to deprive their public stockholders directorship in their listed companies. Others do the same.
If family-owned companies issued common shares to public stockholders to get their businesses listed, why don’t these firms allocate a board seat to them? After all, the public were responsible in getting their common shares listed. If they want to, they could even list their non-voting preferred shares while they enjoy the benefit of controlling the board by issuing to themselves voting preferred shares.
Aren’t the foreigners holding common shares, either sold to them or bought from the public, much luckier than ordinary investors who are not part of the families that mostly own companies? Just asking.
esdperez@gmail.com
The post The Yaos own Macay Holdings appeared first on The Manila Times Online.