COMPANIES whose shares are listed on the Philippine Stock Exchange are deemed “public” for being compliant with the 10-percent minimum public ownership rule of the Securities and Exchange Commission.
For this piece, Duediligencer collated files on eight Lopez-controlled companies that are public, which means at least 10 percent of their outstanding shares are owned by the public, and at the same time some,if not all,of their outstanding shares are traded on the exchange. Their ownership profiles in this piece, which were culled from various filings posted on the PSE website, follow:
1. LOPEZ Holdings Corp. (LHC) has 4,600,798,964 outstanding common shares of which Lopez Inc. owns 2,430,603,242 common shares, or 52.83 percent. PCD Nominee holds 1,344,728,822 common shares, or 29.228 percent, for Filipinos and 612,217,388 common shares, or 13.31 percent, for foreigners.
2. FIRST Philippine Holdings Corp. (FPHC) reported in a filing 553,943,031 outstanding common shares and 3.6 billion outstanding preferred shares. As of March 15, its ownership profile showed Filipinos and non-Filipinos owned 484,359,297 common shares, or 87.44 percent, and 69,583,734 common shares, or 12.56 percent.
The same filing as of March 15 listed Lopez Holdings as FPHC’s largest Filipino stockholders with 257,505,381 common shares, or 46.49 percent while PCD Nominee Corp. held 164,134,184 common shares, or 29.6246 percent, for “various” Filipinos and 67,414,883 common shares, or 12.1677 percent, for non-Filipinos.
3. FIRST Gen Corp (FGen). has 3,660,943,557 outstanding common shares of which FPHC owns 2,424,990,159 shares, or 66.24 percent. PCD Nominee holds 1,189,104,472 common shares for the public of which 817,935,924, or 22.34 percent, and 371,168,548, or 10.14 percent, are owned by Filipinos and foreigners, respectively. In addition, Deutsche Bank-Manila holds 204,526,741 common shares, or 5.59 percent, for foreigners.
FPHC also owns all of FGen’s voting preferred shares totaling 1,468,553,892 while limiting the Filipino public investor to the ownership of 61.654 million non-voting preferred shares, or 31.24 percent. In a footnote to this ownership profile, FGen said 61.654 million non-voting preferred shares are “inclusive of 16,754,930 shares of FPH.”
FGen has a total of 5,129,497,449 outstanding voting shares divided into 3,660,943,557 common shares and 1,468,553,892 voting preferred shares. Of the total, First Holdings controls 3,893,544,051 voting shares, or 75.905 percent.
4. ENERGY Development Corp. has authorized capital stock of 27 billion common shares with P1 par value; 15 billion voting preferred shares with P0.01 par value, and 300 million non-voting preferred shares with P10 par value. Of this capital stock, 18.745 billion common shares, and 9.375 billion voting preferred shares are outstanding.
5. RED Vulcan Holdings Corp., an FPHC subsidiary, owns 7.5 billion common shares, or 40.01 percent, and 9.375 billion preferred shares, or 100 percent. PCD Nominee holds 5,466,958,616 common shares, or 29.165 percent.
Red Vulcan exercises voting right over a total of 16.875 billion outstanding voting shares, or 64.298 percent, over 26.245 billion outstanding voting shares.
6. Rockwell and Corp.’s outstanding capital stock of 8,866,762,198 voting shares are divided into 6,116,762,198 common shares with P1 par value and 2.75 billion voting preferred shares. Of this voting stock, FPHC holds 5,296,015,375 common shares, or 59.73 percent, and 2.75 billion voting preferred shares, or 100 percent. PCD Nominee holds 563,361,512 common shares, or 9.21 percent, for Filipinos, and 91,613,870 common shares, or 1.49 percent, for foreigners.
Of Rockwell’s 8,866,762,198 voting shares, FPHC holds 8,046,015,375 shares, or 90.744 percent. In its public ownership report, Rockwell listed FPHC as owner of 5,296,015,375 common shares, or 86.58 percent, leaving the public with 782,184,818 common shares, or 12.79 percent. Company insiders hold 38,562,005 common shares, or 0.63 percent. (Note. When added, the percentages exceed 100 percent because of rounding of numbers.)
7. ABS-CBN Corp. has 872,123,642 outstanding common shares and 1 billion outstanding voting preferred shares for total voting stock of 1,872,123,642 shares. Of the common shares, Lopez Inc. and ABS-CBN Holdings Corp. hold 480,933,747 shares, or 55.15 percent of common and 25.6 percent of total voting shares while 373,017,369 common shares, or 42.77 percent of common shares and 19.92 percent of total voting shares. The former also holds 987,130,246 preferred shares, or 98.73 percent.
In an ownership filing, PCD Nominee, according to ABS-CBN, holds 373,017,369 common shares, which “represent shares covered by Philippine Deposit Receipts issued by ABS-CBN Holdings.”
8. ABS-CBN Holdings Corp. has 400 outstanding shares of which 200 shares, or 50 percent, are owned by Lopez Inc. Oscar M. Lopez, Manuel M. Lopez, Presentacion L. Psinakis, and Eugenio Lopez 3rd own 40 shares each, or 10 percent each.
Since the Lopezes own ABS-CBN Holdings, it follows that when PDRs held are converted to common shares end up owned by the family. Will this not dilute the public ownership of common shares by the public?