SMC’s Zobel, R. Ang get ‘poorer’ by P81B in one year

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Emeterio Sd. Perez

Emeterio Sd. Perez

INSIDER trades. On June 16, Sheryl Lizette Cua bought 29.167 million shares in Philippine Racing Club Inc. at P4.98 each, or P145.253 million. Her newly acquired shares are lodged with PCD Nominee Corp. She was recently appointed treasurer of the company effective August 1 . . .

On June 19, Aniceto Bisnar Jr., a vice president of Ayala Land Inc., sold 53,000 shares at P29.90 each, and 105,000 shares at P30 each. After selling, he still had 1.261 million shares, of which he directly owns 254,531 and 1.006 million shares which he acquired under ALI’s stock option plan . . .

On June 14, Willy Ng Ocier, chairman of the board of Sinophil Corp., bought 6.880 million shares at P1.18 each. When he assumed the chairmanship of the company in 1999, he owned a nominal share to qualify him for election to the board.

Ownership profile. As of June 20, Philippine Racing Club Inc. listed 554.044 million outstanding shares. The Cuas own 83.196 million shares, or 15.016 percent, of which Santiago Cua Jr., the father, holds 1.721 million shares. His two children, Simeon S. Cua, and Solomon Cua, own 53.137 million shares and 28.338 million shares, respectively.


The Cuas, however, were not among the beneficial owners of more than five percent of any class of its common shares as of May 15, 2014. Instead, PRCI listed only Sta. Lucia Land Inc. (SLLI) and Allied Banking Corp., which held 67.888 million shares, or 12.253 percent, and 30.031 million shares, or 5.421 percent, respectively.

(Note: The percentage is lower in a posting on the website of the Philippine Stock Exchange—11.59 percent for SLLI and 5.18 percent for Allied Bank because of the reduction in outstanding shares resulting from PRCI’s continuing reacquisition of its own shares.)

Due Diligencer is completing PRCI’s ownership profile so that the public would know how the Cuas came to control the board of the company.

Zobel, Ang, 2 multi-billionaires. Inigo Zobel, a member of the board of San Miguel Corp., owns 59.62 percent in Top Frontier Investment Holdings Inc. which, in turn, holds 1.573 billion SMC shares, or 45.68 percent. His fellow stockholder, Ramon S. Ang, SMC president and chief operating officer, owns 25.91 percent of Top Frontier.

The percentage of ownership of Zobel and Ang in Top Frontier translates to 973.823 million SMC shares, or 40.971 percent, and 407.564 million SMC shares, or 17.147 percent, respectively.

In addition, Ang owns 100 percent of Privado Holdings Corp., which holds 368.141 million SMC shares, or 15.488 percent. All in all, Ang controls 775.705 million SMC shares, or 32.635 percent.

Computed at P80.20 per share, SMC’s last traded price on Friday, Zobel’s 973.882 million shares equals P75.213 billion and Ang’s 775.705 million shares equals P62.213 billion.

Zobel and Ang even got poorer. In the first quarter of 2013, SMC shares hit a high of P125, which meant their holdings at the time were worth P121.728 billion and P96.963 billion, respectively. SMC’s latest share price would mean a paper loss of 38.212 percent for Zobel and 35.838 percent for Ang.

(Note: The computations were based only on the common shares held by Zobel and Ang.)

Incomplete disclosure. Philippine Racing Club Inc. and other listed companies should not be accused of misleading the public about the identities of their controlling stockholders. The market’s disclosure system allows this kind of reporting that both the PSE and the Securities and Exchange Commission tolerate.

Here is another example: In a PSE posting, Alliance Select International Foods Inc. listed PCD Nominee Corp. as holder of 628.444 million shares, or 41.896 percent. Of the PCD-held shares, three stockbrokers accounted for 322.796 million shares, or 21.520 percent, while Mingling Holdings Inc. owned 112.169 million shares, or 7.478 percent.

In the same filing, Alliance Select said it had four stockholders owning “more than five percent under a voting trust or similar agreement.” It identified these four as Strongoak Inc., with 430.286 million shares or 28.69 percent; Hong Kong-based Victory Fund Inc., with 138.474 million shares or 9.23 percent; and Harvest All Investments Ltd., with 177.261million shares or 11.82 percent. The fourth in the list was Mingling Holdings, which, along with Strongoak, belongs to the Dee group, with 112.169 million shares or 7.48 percent.

The Dees, who control Alliance Select, are reported as the majority stockholders but were included among the public. Will they identify who holds what for them for the information of the public investors, who trade on the listed shares?

esdperez@gmail.com

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