• Quo vadis, PNCC?



    The board of Asia United Bank Corp. (AUB) has accepted the resignation of lawyer A. Bayani K. Tan, as member of the board and corporate secretary.

    AUB is the banking unit of the group of companies controlled by Jacinto L. Ng, who, along with his family, also owns unlisted Republic Biscuit Corp.

    Prior to Tan’s resignation from the board, AUB already had one vacancy following the departure of Benjamin E. Diokno, who was appointed-budget secretary by President Rodrigo Roa Duterte.

    To fill up the two vacancies, the bank’s board elected lawyer Maria Gracia Pulido-Tan as an independent director and Jacob C. Ng as a regular director. They replaced Diokno and A. Bayani K. Tan, respectively.
    Pulido-Tan, who is married to A. Bayani K. Tan, is former chairperson of the Commission on Audit.

    In the same meeting on July 29, the board elected lawyer Jason C. Nalupta as corporate secretary.

    PNCC’s uncertain fate
    Translated, the title of this piece means “where are you going, PNCC.” The acronym stands for Philippine National Construction Corp., formerly Construction and Development Corporation of the Philippines.

    Being listed, PNCC became a “unit” of the Office of the President under Executive Order 141, which then Malacañang’s chief temporary occupant Benigno Simeon Aquino III issued on Oct. 14, 2013.

    How about under President Rodrigo Roa Duterte? Will PNCC continue to remain under the jurisdiction of Malacañang?

    The issuance of said EO effectively derailed the government plan to privatize PNCC.

    In a Duediligencer piece in connection with Malacañang’s takeover of PNCC, I asked: Will the first official corporate act of Malacañang be to hasten the sale of PNCC and allow vested interests to do whatever they had planned when they conceived the company’s transfer to Malacañangs from DTI?”

    It is up to Malacañang’s new temporary occupants to inform the public what they intend to do with Aquino’s EO 141.

    From CDCP to PNCC
    Businessman Rodolfo Cuenca was the controlling stockholder of what used to be CDCP.

    Under Aquino, PNCC became a “wholly owned subsidiary” of the Office of the President with awesome powers to appoint and dismiss the members of the board and nominate the company’s executive officers.

    As of May 31, 2013, PNCC, according to its filing, has outstanding capital of 199.94 million shares divided into 174.44 million common and 25.50 million preferred. Of the total, the government controls 152.26 million shares consisting of 126.76 million common and 25.50 million preferred shares, or 76.14 percent.

    The computations should give the private stockholders 47.68 million shares, or 23.85 percent. (As recomputed: Dividing 152.26 million by 76.14 percent equals 199.974 million outstanding shares, exceeding reported outstanding shares by 34,000 shares.) Minus the government-held shares, the public should be credited with owning 47.68 million shares, or 23.85 percent.

    A reader reacts
    For the information of a certain Allen Llamar and other readers of The Manila Times, listed companies are covered by the market’s full disclosure policy. Without this, the public investors, who trade on listed stock, would be left in the dark haphazardly choosing which companies are best for investing their funds.

    As the writer of Duediligencer, I don’t invent the information appearing in this space. Everything here is culled from filings or disclosures posted on the website of the Philippine Stock Exchange. For elaboration, I dig for facts if needed from historical filings.

    I need not be accused of pretending to be a columnist because I am not a columnist but a reporter of facts. I base Duediligencer pieces on researches that I undertake everyday.

    That’s why Llamar should not have been surprised why I had access to the letter of Philippine Amusement and Gaming Corp. approving the request of Philweb Corp. for the renewal of its e-gaming services.

    Same day okay
    By the way, what a coincidence that Pagcor’s acting chairperson, Andrea Domingo issued her approval of Philweb’s renewal application on the same day it was filed. If Llamar would only access www.edge.pse.com.ph, he would find Pagcor’s letter still posted on said website.

    Here is how Llamar and others could find Domingo’s letter: Access WEB, go down the page and click “July 11, 2016 08:37 AM” for “material information/transactions” or “July 11, 2016 09:27 AM” for “(Amend-1) Material information transactions.” Both postings carry two entries one of which is Pagcor’s letter.

    So, Llamar should not wonder “where did u get that letter Sir and ask “If you are one of the spokesman of Phil web pretend to be a columnist.” He even concluded that “ . . . you are the 2nd type of columnist spoken about by Pres. another leech pretend to be a writer.”

    Pagcor’s letter was dated July 8, 2016, which meant that as acting chairperson, Domingo hastily approved Philweb’s request, which was also dated July 8, for extension of its contract even if only “on a month-to-month basis.” Happy surfing.



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