• ICTSI’s $649.7-M surplus

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    Emeterio Sd. Perez

    Emeterio Sd. Perez

    Insiders’ acquisitions
    Hans Sicat, president and chief executive officer of the Philippine Stock Exchange, bought 939 PSE shares at P259.87 each on December 11 under PSE Employees Stock Purchase Plan. PSE opened that day at P295.20, hit a high of P297.80, dropped to a low of P295 and closed at P297. The acquisitions increased the number of PSE shares he owns to 9,210 shares with paper value of P2.735 million.

    Hiroshi Nishimura, a member of the board of Integrated Micro-Electronics Inc., bought 600,000 IMI shares at P7.50 each on December 5, and lodged them with PCD Nominee Corp. He previously directly owned 115 IMI shares. IMI opened on December 5 at P7.50, dropped to a low of P7.42 and closed at P7.46.

    Exequiel Villacorta Jr. is a member of the board of Premium Leisure Corp., a subsidiary of Belle Corp. which holds 24.7 billion PLC shares, or 78.09 percent. He used to directly own one share in the company but increased this to 500,001 shares by buying additional shares at P2-P2.02 each in three trades on Dec. 5.

    ICTSI’s retained earnings
    International Container Terminal Services Inc. (ICTSI), which has 2.036 billion outstanding shares, reported retained earnings of $649.7 million as of September 30, 2014. The surplus is net of $0.019 per share dividend ICTSI paid on May 9, 2014.

    In a consolidated financial filing, ICTSI said its net profit in the first nine months of 2014 increased 4.929 percent to $142.34 million from $135.653 million in the same period in 2013. The company’s profits came from revenues which soared 31.694 percent to $844.379 million from $641.168 million during the comparable periods.

    Of its revenues, ICTSI paid the government $119.007 million, equivalent to 14.094 percent. The payment represented the company’s concession fees as provided for in an agreement with the Philippine Port Authority.

    In a footnote to the unaudited financial report, the company said its “concession contract for the Manila International Container Terminal was extended for another 25 years up to May 18, 2038.” The extension was conditioned on, among others, ICTSI’s “. . . payment of upfront fees amounting to P670 million . . .”

    Ownership profile
    In a latest filing posted December 15 on the website of the Philippine Stock Exchange, Liberty Telecoms Holdings Inc. said it issued additional 880 million unlisted preferred shares to three stockholders -Vega Telecoms Inc., 431.2 million preferred shares; Qtel West Bay Holding S.P.C., 287.32 million preferred shares; and White Dawn Solution Holdings Inc., 161.48 million preferred shares.

    As of September 30, 2014, Qtel West Bay and Vega Telecom were listed in a public ownership report as the principal stockholders of Liberty Telecoms’ common shares. They own 426.8 million shares, or 32.99 percent, and 643.701 million shares, or 49.76, percent, respectively.

    The same ownership filing showed the public investors owned 223.502 million shares, or 17.25 percent of 1.071 billion outstanding, which has increased to 1.294 billion as of Monday.

    Paying debt with preferred shares
    An updated filing showed Liberty Telecoms has 1.294 billion outstanding common shares. Of the total, two significant stockholders hold 82.728 percent of which Vega Telecoms owns 643.701 million, or 49.745 percent, and Qtel West Bay, 426.8 million, or 32.983 percent.

    The company used the preferred shares to pay its debt to four stockholders who combine for 5.244 billion preferred shares. These are Vega Telecoms, 2.334 billion, or 44.508 percent; White Dawn Solution, 1.206 billion, or 22.98 percent; Qtel West Bay, 1.527 billion, or 2.872 percent; and wi-Tribe Asia Limited, 175.113 million, or 3.339 percent.

    Liberty Telecoms’ 6.8 billion authorized capital stock consisted of 1.45 billion common shares and 5.35 billion preferred shares. Of the authorized, 6.537 billion shares are outstanding of which Vega Telecoms holds the equivalent of 45.58 percent, making SMC, thru Vega Telecoms, the company’s biggest single indirect stockholder.

    esdperez@gmail.com

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