CAP Trust Fund still owns GERI shares

Emeterio Sd. Perez

Emeterio Sd. Perez

THE Andresons Group Inc. increased the number of shares it owned in Alliance Global Group Inc. (AGI) to 4 billion or 39.1 percent by buying 26 million shares in the open market at prices ranging from a low of P21.89 to a high of P22.77. Both Andresons and AGI belong to the group controlled by businessman Andrew Tan. AGI’s share price closed at P21.90 on Tuesday.

TWO insiders of Aboitiz Equity Ventures Inc. reported their acquisition of AEV shares. Xavier Jose Aboitiz and his younger brother Sabin Aboitiz are senior vice president and vice president, respectively, of AEV.

On July 2, Xavier increased his AEV holdings to 21.57 million shares, or 0.4 percent after buying 53,049 AEV shares at P57 each and 324,400 shares at P57.05. Sabin bought 34,750 AEV shares at P56.78 each on July 1 and 511,526 AEV shares at P57 and 33,120 AEV shares at P56.95 on July 2. The acquisitions increased his holdings to 17.72 million AEV shares, or 0.3 percent. AEV closed at P57.55 on July 1 and at P57 on July 2.

Executive compensation
Businessman John Gokongwei Jr., chairman emeritus of JG Summit Holdings Inc., leads the list of JGS’s five highest-paid executives, according to the company’s compensation filing.

As a group, the family patriarch, along with his brother James L. Go; son Lance Y. Gokongwei; daughter Robina Y. Gokongwei-Pe; and nephew Patrick Henry C. Go will receive this year P128 million divided into P125.47 million in salaries; P2.1 million in bonuses; and P475,000 In “other” compensation.

James, younger brother of Mr. Gokongwei, is chairman of the JGS board and chief executive while Lance, also a director, is president and chief operating officer. Robina and Patrick Henry are members of the board.

In 2014, the group received P113.8 million in total compensation consisting of P111.3 million in salaries; P2.1 million in bonuses; and P370,000 in other compensation.

In the same compensation filing, JGS said it will pay this year “all other officers and directors as a group” P181.2 million, up 4.8 percent from P172.9 million in 2014.

CAP still in GERI
Remember CAP? The three-letter acronym that stands for College Assurance Plan still has some investments left in the stock market.

In a filing, Global-Estate Resorts Inc. (GERI) listed CAP Pension Trust Fund as one of its stockholders that still owns to this day 9.26 million GERI shares. Apparently, the said pension fund that belongs to CAP plan holders had invested in Fil-Estate shares years ago. At P1.18 per share, CAP’s 9.26 million GERI shares has a market value of only P10.93 million.

GERI is formerly Fil-Estate Land Inc., also a listed company that used to be part of the Sobrepena group. With its new corporate identity, GERI has a new majority owner.

Megaworld as vehicle
Sometime in 2013, businessman Andrew Tan bought into Fil-Estate Land and renamed it Global-Estate Resorts. Using Megaworld Corp. as his corporate vehicle, he bought 5.4 billion GERI shares, or 64 percent of the company.

Today, Mr. Tan owns 9 billion GERI shares or 82 percent, including 176.24 million shares which he acquired at P1.25 each

Mr. Tan’s entry into GERI in 2013 effectively diluted the Sobrepenas’ control to 13 percent, the percentage equivalent of the family’s 1.1 billion shares. Since then, they have been selling their GERI shares.

The latest ownership filing showed that as of June 30, 2015, the Sobrepenas have been reduced to owning only 451.9 million GERI shares, or 4.1 percent which, strictly computed, may not be enough to elect a nominee to the company’s nine-person board.

Euro plunge
Sometimes, I receive queries to which I do not have ready answers. There are questions that may be raised by market investors which may be answered only by responsible company insiders.

To Karl, I have this to say: I hope some stock analysts would be able to help you analyze the effects of the “euro’s plunge because of Greece’s exit”. I may understand something about forex gain and forex loss, but my knowledge may not be enough to give you a more credible explanation.

Karl also asked if I know of “any other stock that is affected by the plunge.” I can only say this: Like any other observer of listed stocks, I also rely on disclosures for Due Diligencer’s topics using historical data.

As to Jimmy Gan’s request that I also write about “WPI, WIN and ACE,” I assure him the group of companies of the Gatchalian family is among the conglomerates that I plan to write about.


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  1. Hi Mr. Perez,

    Thank you for responding my inquiry with ism before,

    About geri though, the 176M bought by meg which was disclose June 30, 2015
    was not majority from Fil Estate Management,
    Look at the public ownership report dated july 16, 2015, It came mostly from the public. comparing from previous public ownership report, the change of the public is -158M while Filestate, only -16M.
    It leaves 11.48% public ownership from 12.92% before.
    I also found out that the 176M shares by meg are disclose as indirect so a subsidiary could have bought it right? thanks Mr. Perez I’m learning from you.

  2. thks for looking, silahis hotel own by WPi now? were d hell they got the money?