• Inigo Zobel’s P97-B paper wealth in SMC, Top Frontier

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    Emeterio Sd. Perez

    Emeterio Sd. Perez

    FROM being an independent director of San Miguel Corp., businessman Inigo Zobel is now the biggest stockholder of Top Frontier Investment Holdings Inc. An ownership filing lists him as owner of 199.6 million TF common shares, or 59.6 percent.

    Zobel’s ownership of 59.6 percent of Top Frontier would make him owner of 39.4 percent of SMC common shares. Computed, his SMC holdings would total 937.8 million common shares with a market value of P72.5 billion.

    On the other hand, his holdings in Top Frontier have a market value of P24.711 billion. Add this to his SMC holdings and his stake in both companies is worth P97.2 billion.

    The same ownership posting showed that as of Dec. 31, 2014, Master Year Ltd. and Privado Holdings Inc. held 49.8 million TF common shares, or 14.9 percent, and 36.8 million TF common shares, or 11 percent, respectively. The two companies are owned by Ramon Ang, SMC president and vice chairman.

    While Top Frontier is SMC’s majority stockholder with 1.57 billion SMC common shares, or 66 percent, it also lists SMC as a stockholder owning 2.56 million common TF common shares and 1.9 million preferred shares, or 1.3 percent.

    Executive compensation
    Businessman John L. Gokongwei Jr. is chairman emeritus of Robinsons Land Corp. (RLC) while his son Lance is vice chairman and chief executive officer. His brother James L. Go is chairman while Frederick D. Go, his nephew, is president and chief operating officer.

    The four members of the Gokongwei family are also members of the company’s board and are among the five highest paid executives of Robinsons Land, the property unit of JG Summit Holdings Co.

    Arlene Magtibay, general manager-commercial centers division, is the fifth member of RLC’s five highest paid executives. As a group, they received a total of P32.6 million—up nearly 4 percent from the earlier estimate of P31.4 million—for the fiscal year ending September 30, 2014, which is 6.7 percent higher than the P30.6 million they received in 2013.

    In its compensation filing, RLC said it paid “all other officers and directors as a group unnamed” P65 million in 2014, up 13.5 percent from P57.3 million in 2013.

    For fiscal year ending September 2015, RLC estimates the total compensation of its five highest paid executives at P33.1 million divided into P31.7 million for salaries; P1.2 million for bonuses, and P205,000 for other compensation which represents per diems.

    $80-M acquisition
    Global Ferronickel Holdings Inc., formerly Southeast Asia Cement Holdings Inc., will submit for ratification by its stockholders its acquisition of Ferrochrome Resources Inc. for $30 million and Southeast Palawan Nickel Ventures Inc. for $50 million.

    In a filing, Global Ferronickel said the purchase price for both acquisitions is “not yet final and still subject to the Fairness Opinion to be issued by Punongbayan & Araullo,” which it described as “an independent valuation firm duly accredited by the Philippine Stock Exchange.”

    The same filing posted on the PSE website showed that Global Ferronickel signed on Nov. 17, 2014 the agreements with the selling stockholders of the two companies. The company said it bought 126.5 million shares in Ferrochrome from GHGC Metallic Ores Resources Inc., Jose Roy Borromeo, Dante Bravo, Kirby Erin Ng, Ceferino Paredes Jr., Arnulfo Santiago, Joseph Sy and Xin Jun Xun.

    In the case of Southeast Palawan, Global said it signed the acquisition deal for more than 500,000 common shares and 6.25 million preferred shares in the Palawan-based miner with Giantlead Prestige Inc., Alpha Centuari Fortune Group Inc., Antares Nickel Capital Corp, Huatai Investment Pty. Ltd. and Wei Ting.

    esdperez@gmail.com

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    2 Comments

    1. That is true, all in the name of “politics”. Pacman is being attack on all front,from Kim Henares to the Philippine Inquirer none stop ….But Hey!!! who cares about, no matter what…Pacman is a national treasure but these people just do not get!!!
      Did Pacman corrupted his PDAF or was he included among the DAP recipient in congress? I guess not !!! The “Pacman” brought a lot of goodwill tidings to our country
      because of his achivements and every OFW benefit out of it, which keeps the economy afloat. Corruption in congress is so contagious its good that Pacman elected not to attend them ha ha ha…Kindly tell Rene Saguisag he is barking at the wrong person….

    2. To the writer: How can those family continue to amass wealth and yet escape BIR scrutiny (audit)? while Pacquiao who has enriched himself thru hardwork (honest work) was being castigated without mercy by Kim Henares of Bureau of Internal Revenue..