The Gatchalian-owned Philippine Estates
Credit to Author: Emeterio SD. Perez| Date: Tue, 05 Nov 2019 16:23:39 +0000
The website of the Philippine Stock Exchange (PSE) listed 627,346,015 outstanding common shares of Ayala Corp. (AC) of which 627,098,147 are listed. The same showed 631,151,659 issued AC common shares.
Like other companies, which have their issued common and preferred shares also listed that makes them tradable, AC, which the Zobels own through Mermac Inc., claims a free-float level of 52.10 percent. Being publicly owned, however, the Zobels are the company’s minority stockholders but dominate the board.
The Zobels and their AC, which is the family’s listed holding company, also reported in a public ownership report (POR) as of Sept. 30, 2019 that of 627,346,015 outstanding AC common shares, the public owned 326,828,224 common shares.
The publicly owned AC common shares represent 52.10 percent of 627,346,015 outstanding AC common shares. Due Diligencer’s computation resulted in 52.0969634278, which AC rounded to 52.10 percent.
Of 631,151,659 issued AC common shares, 3,805,644 shares were treasury shares, leaving the holding company with 627,346,015 outstanding common shares.
Starting Oct. 17, 2019, AC suspended the trading on its common shares following the disclosure of the company’s redemption of 27 million preferred B Series 2 shares.
On Nov. 4, 2019, AC common shares opened trading at P865, which were also their high, fell to a low of P861.50, and closed at P864. The stock hit a 30-day high of P909 and a month’s low of P839.
Takeover
In a general information sheet for 2019, Philippine Estates Corp. (PHES) listed authorized capital stock (ACS) of 5 billion common shares with par value of P1 per share. Of its ACS, 706 stockholders owned 1,445,549,830 PHES shares.
Of 706 stockholders, 704 were Filipinos, who held 1,395,637,820 PHES common shares, or 96.55 percent, while two were foreigners who owned 49,912,010 PHES common shares, or 3.45 percent.
As listed in the GIS, PCD Nominee Corp. was PHES top record stockholder with 709,474,350 PHES common shares, or 49.08 percent. Rexlon Realty Group Inc. was number two stockholder with 200 million common shares, or 13.84 percent.
The others were Ropeman International Corp. with 178.27 million PHES common shares, or 12.33 percent; Recovery Real Estate Corp., 150 million PHES common shares; and Wellex Group Inc., 143,892,990 PHES common shares, or 9.95 percent.
At number six was PCD Nominee Corp. as record holder of 49,911,010 PHES common shares, or 3.45 percent, for non-Filipinos.
On Nov. 4, 2019, PHES common shares opened trading at P0.410, hit a high of P0.415, dropped to a low of P0.390, and closed at its low of P0.390. The stock peaked at 30-day high of P0.45 and a month’s low of P0.390.
Wellex Group
A POR as of Sept. 30, 2019 placed the company’s outstanding common shares at 1,445,549,830.
Of the outstanding, PHES made the public its majority stockholders who were credited with 759,980,740 common shares, or 52.57 percent, topping the holdings of the four principal stockholders, who held 682,510,990 PHES common shares, or 47.22 percent.
Philippine Estates’ principal stockholders were as follows: Recovery Real Estate Corp., 150 million PHES common shares, or 10.38 percent; Rexlon Realty Group Inc., 200.48 million PHES common shares, or 13.87 percent; Ropeman International Corp., 178.27 million PHES common shares, or 12.33 percent; and The Wellex Group, 153,760,990 PHES common shares, or 10.64 percent.
The Gatchalians own The Wellex Group. They use it as their holding company. They took over the company and renamed it Philippine Estates that used to be known as Philippine Cocoa Estates Corp.
A definitive information statement (DIS) listed Elvia A. Ting, president and chief executive offer; James B. Palit-Ang, vice president–business development; Glenn Gerald Pantig, chief operating officer; Jocelyn A. Valle, finance head; and Ferdinand P. Halili, operations head, as PHES’ highest paid executives.
In 2019, Ting would receive salary of P840,000 and P70,000 13th month pay; Palit-Ang, P624,000 and P52,000 13th month pay; Pantig, P1.2 million and P100,000 13th month pay; Valle, P504,000 and P42,000 13th month pay; and Halili, 504,000 and P42,000 13th month pay.
Is that bad for a year of work? Just asking.
esdperez@gmail.com