COAL stockholder takes P51-M loss from sale of 640M shares

Emeterio Sd. Perez

Emeterio Sd. Perez

Stock option. Felipe Yap, chairman of the board and chief executive officer of Manila Mining Corp., and eight executives of the company bought a total of 192 million A and B shares at P0.02 each under the company’s 8th employees’ stock option awards.

In a signed filing, lawyer Odette Javier, assistant corporate secretary of Manila Mining, said that Yap bought 24 million A shares and 16 million B shares. The acquisition increased Yap’s holdings to 207.37 million A shares and 174.23 million B shares.

The same filing showed the other executives’ acquisition: Bryan Yap, president; Patrick Yap, senior vice president; and Rene Chanyungco, senior vice president/treasurer, bought 19.2 million A shares and 12.8 million B shares each. The additional shares increased Bryan’s holdings to 2.3 billion A shares and 1.3 billion B shares; Patrick’s to 47.3 million A shares and 25.6 million B shares; and Chanyungco to 33.6 million A shares and 25.4 million B shares.

The other optionees. The two other Manila Mining insiders who qualified to the stock option were Pablo Ayson Jr., vice president, who increased his Manila Mining A shares by 4.8 million to 14.4 million and his B shares by 3.2 million to 12.2 million; and Ma. Lourdes Tuason, assistant treasurer, whose A shares increased by 14.4 million to 30 million and her B shares by 9.6 million to 27.3 million.

Ethelwoldo Fernandez, director/corporate secretary, and Odette Javier, assistant corporate secretary, bought 7.2 million A shares and 4.8 million B shares each. After the acquisition, Fernandez owned 14.4 million A shares and 14.4 million B shares; and Javier 21 million A shares and 12.1 million B shares.

Manila Mining A hit a 30-day high of P0.038 and a low of P0.028 while its B shares recorded a 30-day high of P0.036 and a low of P0.030.

More public than others. COAL Asia Holdings Inc. has five principal stockholders who own 640 million shares, or 16 percent, each, for a total of 3.2 billion, or 80 percent, which are held in escrow by Sterling Bank of Asia. The five are Dexter Tiu and his brother Alexander Tiu, Jaime Ang, Eric Roxas and Gertim Chuahiong.

The filing, which was posted on the website of the Philippine Stock Exchange (PSE) listing COAL Asia’s stockholders, also showed PCD Nominee Corp. holding for the public 781.4 million shares, or 19.5 percent.

This ownership profile makes COAL Asia both listed and public. Under market rules, a PSE-listed company is also public when public investors, or those not identified with the principal or allied stockholders, own at least 10 percent of outstanding shares.

Tius in control. For the first time since it went public last year, COAL Asia witnessed the sale by a significant stockholder, who was one of the five holders of 3.2 billion shares held in escrow by Sterling Bank of Asia.

But in selling to JTKC Equities Inc. 640 million shares at P0.92 per share against acquisition price of P1, James T. Ang took a loss of P51.20 million, a deal which would give the impression that he must be a very rich man.

The deal made the Tiu group or family, who owns JTKC Equities, the single biggest stockholder of COAL Asia, with 1.9 billion shares, or 48 percent.

COAL Asia listed 4 billion shares on October 23, 2012, after selling to the public 800 million shares at par value of P1 each. It hit a 52-week high of P1.68. Its shareholders who bought at the P1 initial public offering price are now losing as the stock fell to a low of P0.85, that even its 30-day high at P0.96 is below offering price of P1.


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