Semirara writes to explain side
Credit to Author: The Manila Times| Date: Thu, 28 Nov 2019 16:34:43 +0000
AYALA Land Inc. (ALI) has a number of units. One of these is Alveo Land Corp., which, in turn, has four units of its own: Serendra Inc., Solinea Inc., BGSouth Properties Inc. and Portico Land Corp., which are not listed on the Philippine Stock Exchange (PSE). Another is Amorsedia Development Corp., which owns OLC Development Corp., HLC Development Corp. and Allysonia International Ltd.
As the real estate arm of the Zobel-owned Ayala Corp., ALI has other subsidiaries, such as
Buklod Bahayan Realty and Development Corp., HLC Development Corp. and Allysonia International Ltd. It also majority owns Avida Land Corp. and its five subsidiaries, as well as Amaia Land Co. and subsidiary Amaia Southern Properties Inc.
ALI also owns Ayala Land International Sales Inc. and the latter’s five subsidiaries as the property developer’s group’s sales force. It also maintains ownership of Ayala Land Sales Inc. and other units.
The list of ALI as a group of companies owned by the Zobel clan is too long to enumerate here because the company is also engaged in entertainment as owner of Five Star Cinema Inc. and Leisure and Allied Industries Philippines Inc.
Under what ALI classifies as “others,” the company holds majority holdings in at least 11 entities. In addition, Ayala Corp. has 50-percent ownership in other companies.
On Nov. 27, 2019, ALI common shares opened trading at P43.40; hit a high of P44.65; fell to a low of P43.10 and closed the session at P44.50. The stock peaked at a 30-day high of P49.90 and recorded its month’s low of P42.55.
Yehey now defunct. Apollo Global Capital Inc. (APL) is formerly Yehey! Corp., which was incorporated on June 10, 1998. On Oct. 15, 2015, Yehey ceased to be a majority-owned subsidiary of Vantage Equities Inc., whose common shares are also listed. In the same month, it changed its corporate identity to Apollo Global and used APL as its market symbol.
A public ownership report (POR) as of Oct. 31, 2019 listed Apollo’s outstanding capital stock at 280,336,349,297 common shares. Of this number, public stockholders owned 32,904,956,276 shares, or 11.74 percent.
In the same report, Apollo said only 27.8 billion of its common shares are listed on the PSE and classified 247,431,393,021 common shares as the “total number of non-public shares.” It also showed three principal stockholders: Hyung Rae Doo, direct owner of 109,065,080,064 common shares, or 38.91 percent; Napoleon Deleon Jr., 46,224,979,304 or 16.49 percent; and Daniel Chua Go, 45,634,040,152 or 16.28 percent. Together, they held 200,924,099,520 common shares, or 71.68 percent, as of posting date.
On Nov. 27, 2019, APL common shares opened trading at P0.039, peaked at P0.040, dropped to a session’s low of P0.037 and closed the day at P0.040. The stock hit a month’s high and low of P0.044 and P0.037, respectively.
Due Diligencer’s take
The following letter was posted on the PSE website regarding the “DoE Suspension of Mining Activities” of Semirara Mining:
“Gentlemen:
“We refer to the Exchange’s query dated Nov. 20, 2019 requesting additional information in connection with the disclosures filed by Semirara Mining and Power Corporation on Nov. 19 and 20, 2019, which pertain to the following:
“1. Department of Energy (DoE) letter dated Nov. 14, 2019 directing SCC to suspend any and all mining activities under Coal Operating Contract No. 5 DoE Suspension Order dated Nov. 14, 2019); and
“2. DoE Resolution dated Oct. 15, 2019, finding SCC in violation of the DoE Circular No. 2012-5-0006 Guidelines on the Accreditation of Coal Traders and Registration of Coal End-Users (DOE Resolution dated Oct. 15, 2019), imposing the following penalties:
“a. Suspension for a period of one month for violating Section 7.2 of the Circular due to coal trading or transaction with Gold Anchorage Stevedoring and Arrastre Services (Gold Anchorage), the latter being an unaccredited cola trader, except deliveries of SCC-owned power plants and other local power plants with existing coal supply agreements, and;
“b. Fine of Php 1,735,000 for violating Section 3 of DOE Circular No. DC2012-05-006 due to unabated and continuous coal trading despite suspension of its accreditation.
“In reply thereto, please be advised of the following:
“1. The company’s course of action with regard to the said DoE directives dated Nov. 14, 2019 and Oct. 15, 2019 – In our disclosure to the Exchange on Nov. 19, 2019, we indicated that SMPC will file a motion for reconsideration with the DoE, relative to its coal trading suspension.
“We would also like to notify the Exchange that SMPC filed its Motion for Reconsideration with the DoE yesterday, Nov. 20.
“We would like also to stress that the DoE Resolution dated Oct. 15, 2019 is not yet final and executory. Our pending motion temporarily defers the implementation of the coal trading suspension, which would allow SMPC to serving its coal customers.
“With respect to the DoE Suspension Order dated Nov. 14, 2019, SMPC is completing the requirements to comply with the conditions stated therein. We intend to reply to the DoE by Friday, Nov. 22 to address the requirements.
“Estimated timetable of resumption of normal operations – Upon receipt of our submitted documents, the DoE shall evaluate our submission for approval. We estimate that this will take around 15 days. However, this timetable could change depending on the review process of the DoE.
“2. Any other relevant information – We wish to assure the investing public that we are focused on complying with all the directives of the DoE so we can resume operations at the soonest possible time.”
This letter was filed by John Sadullo, vice president and legal and corporate secretary of Semirara.
esdperez@gmail.com