REMEMBER Engineering Equipment Inc.? It used to be a losing subsidiary of Benguet Corp. Today, it is still known as EEI but only as part of a corporate name. From Benguet, EEI has moved to the group of companies controlled by the Yuchengco family, who renamed it EEI Corp.
The Yuchengco group’s House of Investments owns a total of 521 million EEI shares, or 50.28 percent, of which it directly owns 459.3 million EEI shares, or 44.32 percent.
Unlike its stock’s performance in the mid-1980s, when it piled up losses of close to P2 billion instead of retained earnings, EEI has been successfully rehabilitated. As of March 31, 2015, it reported consolidated retained earnings of P5.1 billion.
With its consistent profitability, EEI is able to declare dividends, the latest of which was P0.10 per share which it paid on April 30, 2015. Another P0.10 dividend is payable on Sept. 25. On Wednesday, EEI closed trading at P10.04. It opened at P10.06, hit a high of P10.08, and fell to a low of P9.89.
• On June 11 and 15, 2015, Martin Lynch O’Neil, senior vice president and chief financial officer of International Container Terminal Services Inc. (ICTSI), sold 325,000 ICTSI shares in seven transactions: 27,230 shares at P110.70 per share; 30,160 shares at P110.80 per share; 260 shares at P110.90 per share; 82,350 shares at P111 per share; 100,000 shares at P110 per share; 75,000 shares at P110.10 per share; and 10,000 shares at P110.20 per share. After the transactions, he still owned 2,790 ICTSI shares.
ICTSI shares closed at P109.70 on Wednesday, putting O’Neil slightly ahead.
• Udenna Corp., “the ultimate parent” of Davao City-based Phoenix Petroleum Inc., sold 70.7 million Phoenix shares at P3.80 per share. The sale reduced its holdings to 56.87 million shares, or about 4 percent, from 127.6 million or 8.9 percent. Phoenix closed trading at P4.05 per share on Wednesday, causing Udenna a paper loss of P0.25 per share or 6.6 percent.
As “an independent oil player,” which is how it describes itself in a filing, it operates 418 hectares of stations nationwide of which 141 are in Luzon, 56 in the Visayas and 221 in Mindanao. As of March 31, 2015, Phoenix reported consolidated retained earnings of P2.64 billion.
• On June 3, 2015, First Gen Corp. bought 2 million shares in Energy Development Corp. at P7.49 each, increasing the number of EDC shares it indirectly owns to 983.3 million shares, or 5.2 percent, held by its wholly owned subsidiary, Northern Terracotta Power Corp. EDC closed at P7.35 per share on Wednesday.
First Gen also directly owns 991.8 million EDC shares, or 5.3 percent.
As the parent company, Red Vulcan Holdings Corp. owns 9.4 billion EDC shares, or 60 percent. It also belongs to the Lopez group.
• Andresons Group Inc. bought in May 6.26 million AGI shares at various prices ranging from a low of P22.44 per share to a high of P23.11. The acquisition increased Andresons’ holdings in Alliance Global Group Inc. (AGI) to nearly 4 billion shares, or 38.8 percent.
AGI is the listed flagship of businessman Andrew L. Tan and his family, in which their 54.2-percent majority holdings had total market value of P126.54 billion.
Here is the computation of the Tans’ paper wealth in only ONE listed company:
Andrew the patriarch directly owns 63.7 million AGI shares, or 0.62 percent. At P22.45 per share, which was the stock’s closing price on Wednesday, his personal AGI holdings had a market value of P1.43 billion. The Andresons-held 4 billion AGI shares and Yorkshire Holdings Inc.’s 1.33 billion AGI shares gave the Tans a paper wealth of P89.6 billion and P35.5 billion, respectively.