• Citystate Bank’s board accepts director’s resignation

    0
    Emeterio Sd. Perez

    Emeterio Sd. Perez

    Resigned. The board of Citystate Savings Bank reported in a filing posted at the Philippine Stock Exchange (PSE) that it “accepted the resignation of Benjamin V. Ramos as director and chairman of the Trust Committee effective immediately.” The bank told the PSE that it will “inform you of his replacement as soon as possible.”

    Advertisements

    The bank’s announcement on Ramos’s resignation coincided with its posting on “the opening for subscription of the remaining 27.235 million shares through stock rights offering.” “Details will be disclosed soonest,” Irish Janne Escio said in the filing.

    The board of Citystate accepted the resignation of Ramos and approved the stock rights offering on October 29.

    Citystate, which is a member of ALC group of companies, was last traded on October 22 when it traded at P9.20 through the session on volume of 15,000 shares. It hit a high of P13.50 on June 28 and dropped to a low of P8.58 on October 14.

    Insiders’ trades. On October 18, Tony Tancaktiong, president and chief executive officer of Jollibee Foods Corp., owned 8.995 million JFC shares, or 0.86 percent, after selling 1.78 million shares at P176 each. An ownership filing as of September 30 listed him also as also indirectly owning 2.696 million shares lodged with PCD Nominee Corp.

    Joseph Tambuntiong, a member of the board of JFC, paid P32.32 a share in buying 7,000 JFC shares by availing himself on October 22 of the company’s stock option plan, and selling them on the same day at P178 each for a premium of P145.68 a share. The sale of the option shares made him richer by P1.02 million.

    Vincent Tan, executive vice president of Ayala Land Inc., sold 100,000 ALI shares at P30.70 each on October 18. The sale left him with 11.497 million shares. Of his total holdings, 9.16 million shares resulted from his acquisition of company shares under its executive stock option plan.

    Francisco Navarro, a member of the board and executive vice president of The Philodrill Corp., increased the number of Philodrill shares he indirectly owns to 46 million after buying 10 million shares at P0.038 each on October 29. He also directly owns 100,000 shares.

    Treasury shares. Dizon Copper-Silver Mines Inc. sold 50,000 treasury shares at P5.06 each and one million treasury shares at P5.28 each on October 25. After the sale, it still had 30,812 treasury shares left. On September 18, the company lodged 1.08 million treasury shares with Union Bank of the Philippines, its transfer agent.

    In a financial filing, Dizon Mining said that it had bought back its own shares at P2.97 each, which put it ahead by P2.31 a share at selling price of P5.28 a share.

    In another PSE posting, the company listed five stockbrokers as record stockholders of 37.629 million “B” shares, or 47.57 percent, for various clients. These are Angping and Associates, 12.44 million shares, or 15.73 percent; Premium Securities Inc., 8.78 million shares, or 11.10 percent; Belson Securities Inc., 6.415 million shares, or 8.11 percent; The Hongkong and Shanghai Banking Corp., 5.603 million shares, or 7.08 percent; and Tower Securities Inc., 4.39 million shares, or 5.55 percent.

    Borrow and pay. Ayala Corp. (AC) is borrowing from the public P10 billion by issuing to them 20 million preferred shares at P500 each. The proceeds from the offering will be used “to partially finance certain peso denominated debt obligations in the last quarter totaling P10.25 billion.” “As of June 30, 2013, AC reported P173.8-billion outstanding debt.”

    The Zobel-controlled holding company said in a filing that it “expects to satisfy the balance of these obligations from internally generated funds.” It said it will offer the shares to the public from November 4 to 8.

    AC’s net income in the first six months this year went up 23.02 percent to P12.61 billion from P10.25 billion in the same period in 2012. These profits resulted from gross income, which climbed 21.06 percent, to P74.60 billion from P61.62 billion during the comparable periods.

    esdperez@gmail.com

    Share.
    loading...
    Loading...

    Please follow our commenting guidelines.

    Comments are closed.