The Gokongweis’ P77.328-B paper wealth in JG Summit

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EMETERIO SD. PEREZ

JG Summit Holdings Inc. had 7.163 billion outstanding common shares, of which the Gokongweis directly owned 928.467 million shares, according to a public ownership repo23rt (POR) as of Dec. 31, 2016. At P77.90 per share, which was the stock’s closing price on Monday, the family’s paper wealth amounted to P77.328 billion. 

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In addition, the same POR showed Gokongwei Brothers Foundation Inc. with 1.997 billion shares or 27.88 percent, and a trust account, RSB No. 030-46-000001-9, with 1.033 billion shares. The filing did not identify the owner of the bank’s holdings.

The Gokongwei-owned JG Summit summed up the POR filing by classifying 4.226 billion shares, or 59.005 percent, as non-public and by crediting the public stockholders with 2.936 billion shares, or 40.99 percent.

Insiders’ holdings

John L. Gokongwei Jr., the family patriarch, owns 50.008 million shares, or 0.81 percent, according to the same POR of JG Summit (JGS). His son Lance, president and chief operating officer, however, is the biggest JGS stockholder among family members with 541.839 million shares, or 2.08 percent, followed by daughter Robina Y. Gokongwei-Pe, with 179.46 million shares or 2.51 percent.

The others are James L. Go, chairman and chief executive officer, 148.68 million shares or 2.08 percent; Lily G. Ngochua, 388,018 shares or 0.01 percent; and Patrick Henry C. Go, 90,500 shares.

Johnson Robert G. Go Jr., Ricardo J. Romulo, Jose T. Pardo and Renato de Guzman hold one nominal JGS share each.

Among the officers of JG Summit, only Michelle F. Abellanosa, a vice president, is a stockholder, with 6,000 JGS shares.

Ego Investments Holdings Ltd., an affiliate, holds 267.568 million JGS shares or 3.74 percent. The list of JGS’ top 100 stockholders listed “British Virgin Islands” as the company’s address.

Individual paper wealth

Lance is the richest among the Gokongweis. At P77.90 each, his paper wealth in JG Summit stands at P42.209 billion.

As the family patriarch, Mr. Gokongwei, who remains active in business even after retiring years ago when he turned 80 years old, was “much poorer” than the son but still a billionaire. His 58.008 million shares had a market value of P4.519 billion.

The other family members and insiders and their paper wealth are as follows: Robina Y. Gokongwei-Pe, P13.746 billion; James L. Go, a brother, P11.582 billion; Lily G. Ngochua, a sister, P30.227 million; and Patrick Henry Go, a nephew, P7.284 million.

As significant stockholders, the holdings of the Gokongwei Brothers Foundation and the RSB trust account have paper wealth of P155.572 billion and P80.496 billion, respectively. Ego Investments, the affiliate, may not be as rich as the two stockholders but is also a billionaire many times over, with paper wealth of P20.844 billion.

Michelle F. Abellanosa, the lone stockholder officer, is the “poorest” among insiders with her holdings worth only P467,400 at P77.90 per share.

Market profile

JG Summit is only a listed company. Like SM Investments Corp., the listed flagship of businessman Henry Sy Sr. and his family, it is not public.

On January 23, when the stock—which uses JGS for market symbol—closed trading at P77.90, JG Summit had market capitalization of P557.985 billion, according to the website of the Philippine Stock Exchange.

As a listed company, JG Summit issued 7,162,841,657 shares, which remain outstanding. Of its issued and outstanding shares, 7,319,723,200 shares are listed.

As a listed stock, JGS hit a 52-week high of P95.25 and a one-year low of P58.95. It recorded a 30-day high of P78 and a low of P64.50.

On Dec. 29, 2016, the last trading session of the year, JGS opened at P69.15, its high, and closed at its low of P67.75. On January 4, the first trading day of the New Year, it opened at P68, peaked at P69.95, fell to P67.65 and closed at its high of P69.95.

On January 23, JGS started trading at P77.20, reached a high of P78, and dropped to P77 before closing at P77.80.

esdperez@gmail.com

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