Napoles was TKC Metals’ No. 6 stockholder


Emeterio Sd. Perez

DISCOVERY World Corp. (DWC) has 1.2 billion shares in its authorized capital stock. Six stockholders own 626 million outstanding shares, according to a general information sheet (GIS) posted on the website of the Philippine Stock Exchange (PSE).

In the same GIS, Discovery World listed four Filipinos as holding 564.588 million DWC shares, or 90.19 percent, and two foreigners with 61.412 million DWC shares, or 9.81 percent.

Of 626 million DWC outstanding shares, PCD Nominee Corp. holds 625.991 million shares, or 99.999 percent, as record stockholder for the six beneficial stockholders. Of the total, Filipinos owned 564.584 shares, or 90.189 percent, while foreigners held 61.407 million DWC shares, or 9.809 percent.

Including 9,101 shares held by four nominees, the total holdings represent the company’s 626 million outstanding shares in Discovery World.

Public investors however will have to rely on other filings for additional information about Discovery World. Unlike the filings of other listed companies, the company’s GIS did not contain the names of its stockholders.

Ownership profile

Even the list of the top 100 stockholders was not informative enough to satisfy one’s curiosity about Discovery World. As in the GIS, the company listed PCD Nominee as record stockholder of DWC shares owned by Filipinos and foreigners.

Discovery World also listed 52 stockbrokers holding for the beneficial stockholders the PCD-held DWC shares. Fidelity Securities Inc. topped the list with 534.039 million shares, or 85.31 percent.

Luckily for the public investors who felt short-changed by the GIS and top 100 stockholders’ list, a public ownership report (POR) remains posted on the PSE website. In it, Discovery World credited two principal stockholders with total holdings of 458 million shares, or 73.16 percent. These are JTKC Equities Inc. and The Discovery Leisure Co. Inc., with 302.6 million DWC shares, or 48.34 percent, and 156 million DWC shares, or 24.82 percent, respectively.

Based on the POR, the public owned 159.741 million DWC shares, or 25.52 percent. Insiders held the remaining shares equivalent to 1.32 percent.

Full disclosure

Discovery World may not be the flagship of the Tiu family. Nevertheless, being listed, it religiously complies with the full disclosure rule that governs trading on PSE-listed shares. JTKC Equities, its parent and biggest stockholder, refers to the family companies as JTKC Group of Companies.

In its website, JTKC Equities attributed to “a reactive culture of raring entrepreneurship and hard work” the continued expansion of “JTK’s investments and management in several industries including real estate, hospitality, financial services, mining and manufacturing both locally and abroad.”

Under the umbrella of JTKC Group are The Discovery Leisure, The Mansion Group, TKC Steel, Coal Asia Holdings Inc., JTKC Land Inc., Kent Floor, Sterling Bank and I-Remit.

In a POR as of July 12, Coal Asia Holdings listed three principal stockholders with 640 million shares, or 16 percent, each. These are Gertim G. Chuaciong, Alexander Y. Tiu, and JTKC Equities. The filing credited the public with ownership of 799.588 million coal shares, or 19.989 percent.

The JTKC Group also owns TKC Metals Corp., which, like Coal Holdings, is also a listed company. It controls 667 million TKC shares, or 70.95 percent, through Star Equities Inc.

The acronym in JTKC Group stands for John Tiu Ka Cho, the founder of today’s highly diversified group of companies, who died 29 years ago.

Due Diligencer’s take

Here is a bit of information that may be of interest to the public stockholders of TKC Metals. They may have Star Equities as co-owner of the company but they may not be aware that as of June 30, Janet L. Napoles was No. 6 in the top 100 stockholders’ list with 300,000 TKC shares, or 0.0319 percent. She was also ranked No. 6 in a similar list in 2015.

At TKC’s 30-day market high of P1.45 per share, Star Equities’ 667 million shares had a market value of P967.15 million, while those owned by Napoles were worth P435,000.

Did Napoles, who was reported to be the mastermind behind the Priority Development Assistance fund scam, dabble on listed shares using government money?

Due Diligencer does not have the answer. It is up to the Securities and Exchange Commission and PSE to provide the information surrounding Napoles’ investments on listed stocks other than TKC Metals.

Was it only in TKC Metals that she had placed other people’s money? What was the market price of TKC Metals shares when she first purchased them? Just asking.


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