• Blessed are the rich and their millions

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    Emeterio Sd. Perez

    Emeterio Sd. Perez

    FROM basketball to business.

    Remember Richard Palou? He was a basketball player many years ago at the height of the popularity of the Philippine Basketball Association (PBA).

    If his fans are wondering where he is now, they may want to know that he is still around. He is not a basketball player anymore because he has long moved to business.

    A filing posted by Asiabest Group International Inc. on the website of the Philippine Stock Exchange listed the age of Richard William Palou—that’s his full name—at 65. “He is an MBA candidate and a graduate of Business Management at the Ateneo de Manila University,” the company said. He is also the director of Ateneo’s university athletics. He has been a member of the board of Asiabest since August 2008; director of Denaga Pawnshop Inc. since 2007; and of First Philippine Wind Corp. since 1997.
    Palou was PBA finance director from 1999 to 2004.

    When Asiabest holds its annual stockholders’ meeting on December 4 at the Makati Sports Club, Palou will be one of the members of the board up for reelection.

    Additional listing. Philippine Bank of Communications (PBC) boosted the wealth of 12 corporate stockholders by more than a billion pesos when it sold to them 26.40 million new shares at P28.35 each. While the bank grossed P749 million from what it called a private placement, it, more importantly, made them gain P44.65 per share at the stock’s 30-day high of P73, and P31.65 per share at a low of P60.

    Computed at P73, the 12 buyers of 26.40 million PBC shares grossed P749 million at issue price of P28.35. With the stock’s climb at a high of P73, they made P1.93 billion, putting them ahead by P1.18 billion.

    The 12 stockholders also made good in their investments even at PBC’s low of P60 for paper gross of P1.46 billion. By deducting their acquisition cost of P749 million from said paper gross would still make them richer by P715.35 million.

    The newly-issued PBC shares were listed on Wednesday at the Philippine Stock Exchange.
    Zobels’ foreign partners. The Capital Group of Companies Inc., which is based in Los Angeles, California, sold on October 18 1.05 million new shares in Manila Water Co. (MWC) at P26.47 each for gross proceeds of P27.861 million. The sale reduced Capital Group’s MWC ownership to 4.97 percent, which it said is “below the 5-percent threshold.”

    Stockholders of listed companies who own at least 5 percent are covered by the market’s full disclosure rule.

    Capital Group is only one of the foreign stockholders of the Zobel-controlled water distributor. As of September 30, 2013, First State Investment Management (UK) Ltd. holds 201.77 million shares, or 10.03 percent. Aberdeen International Fund Managers Ltd. owned 101.236 million shares or 5.028 percent as of August 9, 2013.

    Mitsubishi Corp. of Japan, the long-time partner of Ayala Corp., owns 169 million MWC shares, or 8.28 percent.

    The Zobels, through Ayala Corp., control 651.91 million shares, or 31.93 percent.

    Insiders’ worth. Enrique Razon Jr., chairman of the board of International Container Terminal Services Inc., owns 957.14 million ICTSI shares. Computed at P106 per share, his holdings have a market value of P101.457 billion.

    In a footnote to an ownership filing, ICTSI said that it excluded from Razon’s ownership the shareholdings of Bravo Int’l Holdings Inc. and Razon Group, which it placed under “principal stockholders to avoid double counting.”

    Bravo and Razon Group own 503.30 million shares or 18.41 percent, and 217.634 million shares or 7.96 percent, respectively.

    Emilio Tumbocon, senior vice president of Ayala Land Inc., sold three blocks of 20,000 shares each: at P30.50 per share on October 17; at P30.75 and P31 on October 18; and 14,900 shares at P30.65 on October 21. After selling, he still holds 8.89 million shares, or 0.6 percent, with paper value of P277.621 million at P31.20 per share.

    Walter Brown, chairman of the board and his wife Annabelle Brown, a director of A. Brown Co. Inc., own 484.57 million shares or 27.96 percent, and 325.578 million shares or 18.805 percent, respectively. Together, their conjugal holdings total 810.44 million shares, with paper value of P988.743 million computed at P1.22 per share.

    esdperez@gmail.com

     

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