You as PSE’s public stockholders

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EMETERIO SD. PEREZ

EMETERIO SD. PEREZ

IF you are among the public investors who own shares issued by the Philippine Stock Exchange (PSE), you are among the lucky ones who benefit from its profitability. As of September 30, PSE reported retained earnings totalling P1.255 billion, of which P1.184 billion remains unappropriated.

The unrestricted surplus translates to P16.141 per share of PSE’s 73,380,397 outstanding shares. Of course, this is not how a listed company computes prospective dividend either in cash or in stock.

Who owns what and how much are two filings that should interest you most because by knowing and reading about them, you will realize that you are in good company. While you may not be among PSE’s significant stockholders, you have for co-stockholders corporate investors that are among the Philippines’ biggest.

By the way, you, as public investors and PSE stockholders, are also lucky because you were among those who received on April 25 a special dividend of P2.71 per share on top of a regular dividend of P4.29 per share.


As its last piece for 2016, Due Diligencer is providing you with additional information culled from various filings. Happy Next Year!

Ownership profile
The four principal stockholders of Philippine Stock Exchange Inc. (PSE) own 27,574,806 shares, or 37.563 percent of 73,409,077 outstanding shares, according to a public ownership report (POR) as of September 30. They are San Miguel Corp. Retirement Plan, 7,555,200 shares or 10.292 percent; Premier Capital Venture Corp. (indirect), 6,673,204 shares or 9.09 percent; Banco de Oro for PLDT Retirement Fund (indirect), 6,673,200 shares or 9.09 percent; and Government Service Insurance System, 6,673,202 shares or 9.09 percent.

In the same POR, Rizal Commercial Banking Corp., PSE’s transfer agent, listed insiders as holders of 73,953 shares, or 0.1007 percent. These are the 15 directors, 19,782 shares or 0.0269 percent; and 10 officers, 54,171 shares or 0.0738 percent.

The POR attributed to the public, who are mostly stockbrokers, the remaining 45,760,318 PSE shares or 62.336 percent.

Top PSE owners
The list of top 100 stockholders as of September 30 showed that PCD Nominee Corp. held 52,992,724 shares, or 72.19 percent, for 144 trading participants. Of the total, 49,079,861 shares or 66.86 percent belonged to Filipinos, and 3,912,863 shares or 5.33 percent belonged to foreigners.

First Resources Management & Securities Corp. topped the list with 7,164,869 shares or 13.52 percent, followed by GSIS, 6,673,202 shares or 12.593 percent.

Don’t be misled by the numbers attributed to First Resources and GSIS. The percentages were not computed based on PSE’s 73,409,077 outstanding number of shares but on 52,992,724 shares held by PCD Nominee.

The presentation confused me that I had to go through a series of computations before I realized I was using a wrong formula. RCBC, PSE’s stock transfer agent, simply stated in its report that First Resources held 7,164,869 PSE shares, or “13.5204754 percent.”

More than 13.52 percent of what? RCBC did not tell us that it got the percentage which it placed under “%holding” by dividing 7,164,869 shares by the PCD-held 52,992,724 shares.

Outstanding shares
The public investors, who may also be PSE stockholders, have to read the exchange’s definitive information statement (DIS) for the stockholders’ voting rights.

In its last annual stockholders’ meeting in May, PSE listed PCD Nominee as record holder of 46,443,461 shares or 63.29 percent for Filipinos, and 6,443,879 shares or 8.78 percent for foreigners.

The percentages were computed based on 73,399,469 outstanding PSE shares. Note the changes in the number of outstanding shares. As of yesterday, PSE’s website showed 73,380,397 outstanding shares out of 73,480,409 issued and listed shares.

From the DIS, the public investors who trade on listed shares would know who owns what.

Here is what may be confusing: In a public ownership report issued by RCBC, foreign ownership as of September 30 had “no limit.” On its website, in which PSE listed outstanding shares, listed shares and issued shares, foreign ownership is set at a maximum of “40 percent.” Which is which?

esdperez@gmail.com

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