Disclosures
Credit to Author: Emeterio SD. Perez| Date: Sun, 23 Feb 2020 16:11:53 +0000
PHOENIX Petroleum Philippines Inc. (PNX) listed on the website of the Philippine Stock Exchange (PSE) 1,406,204,232 outstanding common shares and 1,437,204,232 common shares that are both issued and listed. The difference between issued-listed and outstanding common shares is 31 million PNX shares, which the company reported as treasury shares in a public ownership report (POR) as of Dec. 31, 2019 but posted on the PSE website on Jan. 14, 2020.
The general information statement (GIS) for 2019 showed 2.55 billion PNX common shares with P1 par value as authorized capital (ACS) of which 1,423,304,232 common and preferred shares or 55.816 percent of ACS, were held by various stockholders: 61 Filipinos, 1,180,082,621common shares, or 46.278 percent, paid P1,180,082,621 for their subscription to PNX common shares and nine for their subscription to 20 million preferred shares; and three foreigners fully paid for their subscription to 223,221,611 PNX common shares, or 15.683 percent.
The GIS counted only 61 Filipinos as owners of 1,180,082,621 common shares. Their ownership did not include 20 million preferred shares, which also carry P1 par value. The two — common and preferred shares owned by Filipinos — total 1,200,082,621 but were valued at P1,180,082,621, apparently excluding 20 million preferred shares. For the sake of the public investors, Due Diligencer will compute the data based on 1,423,304,232 outstanding common, including 31 million treasury shares listed in the POR.
Stockholders
At the top of the GIS list of stockholders was Phoenix Petroleum Holdings Corp. with 588,945,630 PNX common shares, or 41.379 percent of 1,423,304,232 outstanding common and preferred shares. Aside from Phoenix Petroleum Holdings, the company’s other stockholders include ES Consultancy Group Inc. of Singapore, 340,270,980 common shares, or 23.907 percent, which, at P12 each, equals P4,083,251,760; Top Direct Investments Ltd., which is owned by businessman Miguel Jose Valencia, who bought 142 million common shares, or 9.977 percent, at P15 each; and Udenna Corp., 117,245,918 common shares, or 8.238 percent.
PCD Nominee Corp. was record holder for Filipinos and foreigners of 117,626,907 common shares, or 8.38 percent, and record holder for foreigners of 70,489,290 common shares, or 5.02 percent, respectively.
“As of Jan. 31, 2020, there are no beneficial owners under PCD Nominee Corp. of the Philippines of the company’s common stocks in excess of five percent of the total outstanding shares,” the GIS said.
POR’s common shares
A POR as of Dec. 31, 2019 but posted on Jan. 14, 2020 on the PSE website listed PNX’s three direct holders with combined ownerships of 1,071,216,610 common shares, or 76.18 percent of 1,406,204,232 outstanding common shares. These were Phoenix Petroleum Holdings, 588,945,830 common shares, or 41.88 percent; ES Consultancy Group Inc. of Singapore, 340,270,980 common shares, or 24.2 percent, which, at P12 each equals P4,083,251,760; and Top Direct Investments Limited, 142 million common shares, or 10.1 percent.
The POR also included three affiliates as direct holders of 130,521,900 PNX common shares. These were Udenna Management & Resources Corp., 11,661,195 common shares, or 0.83 percent; Udenna Corp., 117,245,918 common shares; and Udenco Corp., 1,614,787 common shares, or 0.11 percent.
Employee stock ownership plan shares, according to the POR, directly owned 5,898,873 common shares, or 0.42 percent of 1,406,204,232 outstanding common shares. Phoenix Petroleum Holdings classified 1,437,204,232 as number of listed common shares; and 1,216,928,071 as non-public shares. The public stockholders were credited with their ownership of 189,276,161 PNX common shares, or 13.46 percent of outstanding.
A partial computation of the Uys’ holdings showed a total of 725,424,401 PNX common shares, or 50.968 percent of 1,423,304,232 outstanding common shares. Aside from Phoenix Petroleum Holdings, the other Uys in the group, according to the GIS, are as follows: Udenna Corp., 117,245,918 common shares; Udenna Management, 11,661,195 common shares; Dennis A. Uy, 4,858,811 common shares; Udenco, 1,614,787 common shares; and Dennis and Cherylyn Uy, 1,098,060 common shares.
By the way, Phoenix Petroleum Philippines will hold its annual stockholders’ meeting on Mar. 27, 2020 at the company’s headquarters in Davao City. Are the public stockholders invited but have to shoulder their own expenses for their trips? Just asking.
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