• Foreigners own more publicly held PAL shares than Filipinos

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    EMETERIO SD. PEREZ

    EMETERIO SD. PEREZ

    PAL Holdings Inc., the listed holding company of businessman Lucio Tan, reported having reduced its current liabilities as of September 30, 2015 by 43.85 percent to P49.94 billion from P71.84 billion as of December 31, 2015.

    With its improved financials, PAL Holdings’ non-current assets increased to P114.23 billion, more than double its non-current liabilities of P54.06 billion as of the same comparative period.

    A quarterly financial posting on the website of the Philippine Stock Exchange (PSE) showed PAL Holdings’ current liabilities as of Sept. 30 last year included notes payable of P3.04 billion, down from P15.59 billion; accounts payable of P7.49 billion, down from P7.84 billion; current portion of long-term obligation at P7.91 billion, down from P9.11 billion; unearned transportation revenue of P12.89 billion, down from P13.06 billion; and accrued expenses and other liabilities, P18.62 billion, down from P26.23 billion.

    In the same filing, PAL reported a deficit of P26.66 billion, down 22.7 percent from P32.77 billion. These deficits represent the company’s accumulated losses over the years.

    With these financials, PAL Holdings almost tripled its total equity to P10.23 billion from P3.61 billion previously.

    Ownership profile
    A public ownership report (POR) credited businessman Lucio C. Tan with ownership of 1,000 shares in PAL Holdings Inc. It listed Trustmark Holdings Corp. as the lone direct stockholder with 22.3 billion shares, equivalent to 89.78 percent. Trustmark also belongs to the group of companies that Tan owns.

    The same POR showed the public owning 2.54 billion shares of PAL Holdings, or 10.22 percent, which is more than the regulatory minimum public ownership of 10 percent of outstanding. It listed foreigners as owners of 2.26 billion shares, or 9.10 percent.

    PAL Holdings shares owned by foreigners are included in the computation of public ownership. Thus, to get the number of Filipino public stockholders, the formula should be total publicly owned shares minus foreign-owned shares. The computation would result in Filipino public stockholders owning only the equivalent of 1.12 percent or 280 million shares.

    A more detailed Top 100 stockholders’ list identified the foreign corporate stockholders of PAL Holdings. These include Top Direct Investments Ltd., 1.02 billion shares, or 4.12 percent; Fast Accurate Investments Ltd., 459.65 million shares, or 1.85 percent; City Trade Investments Ltd., 392 million shares, or 1.59 percent; and Corporate Supreme Ltd., 380 million shares, or 1.53 percent.

    SMDC finally listening
    It is good to know that representatives of SM Development Corp. (SMDC) are willing to meet with concerned unit owners of the company’s Wind Residences in Tagaytay City. Hopefully, these meetings would resolve the nagging issues over promised facilities such as a Sky Lounge and pay parking areas.

    Due Diligencer learned over the weekend about the willingness of SMDC to resolve the complaints of some unit owners.

    If they have not been told yet, here is something that SMDC executives should know: A number of owners use their units only on weekends to enjoy Tagaytay City and not to experience the luxury of condominium living.

    SMDC is a unit of SM Investments Corp., the listed flagship of businessman Henry Sy Sr. and his family.

    COA reacts to Due Diligencer
    “No COA audit yet of PNCC,” the Due Diligencer piece which appeared in this space on Friday last week, drew the following email from the Commission on Audit.

    Dear Mr. Perez,
    This is in connection with your Opinion column on the above subject matter (http://www.manilatimes.net/no-coa-audit-yet-of-pncc/237944/).

    We wish to inform you that the Annual Audit Reports (AAR) of the Philippine National Construction Corporation are published in our website. To facilitate your verification, the link to the 2014 AAR is: http://www.coa.gov.ph/index.php/gov-t-owned-and-or-controlled-corp-goccs/2014/category/5279-philippine-national-construction-corporation. The AARs of previous years may likewise be accessed in our website.

    All the best,
    Jonathan B. Beltran
    Public Information Office

    I am grateful to Mr. Beltran for the information on where to find PNCC’s audit reports.

    Apparently, the problem lies with PNCC, which Malacanang has virtually converted into its own subsidiary via a presidential proclamation that placed it under the jurisdiction of the Office of the President.

    It is now the turn of PNCC, thru its government-anointed board and management, to explain its failure or refusal to post the COA reports on the website of the Philippine Stock Exchange. Their sin of omissions would expose them to suspicion that they have something to hide from the company’s public stockholders.

    I will try to analyze the COA’s audits and report my findings to individual investors, who may have long been waiting for the resumption of trading on PNCC’s 75 million listed shares.

    If the public are interested in PNCC’s financial status, they may want to access www.coa.gov.ph for COA’s audit of the company.

    esdperez@gmail.com.

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