The heirs take over

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EMETERIO SD. PEREZ

EMETERIO SD. PEREZ

THE market wealth is not a monopoly of the Lopezes. Eventually, the public would learn who control which listed companies if not how much of the Philippines’ stock market.

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Like the Lopezes, a few other families are also the majority owners of some PSE-listed stocks. For instance, JG Summit Holdings Inc. (JGS) is the listed flagship of businessman John Gokongwei Jr. and his family. One of its significant stockholders is Gokongwei Brothers Foundation Inc., which owns 1.997 billon common shares, or 27.88 percent.

As the holding company of the Gokongweis, JG Summit holds 2.496 billion common shares, or 60.97 percent, in Robinsons Land Corp. and 1.215 billion common shares, or 55.71 percent, in Universal Robina Corp.

Robinsons Retail Holdings Inc. (RRHI) also belongs to the Gokongwei group. It has listed in a filing that JE Holdings Inc., another Gokongwei company, as holder of 487.75 million RRHI common shares, or 35 percent. Its other significant stockholders are Lance Y. Gokongwei with 126.727 million RRHI common shares, or 9.15 percent, and Robina Gokongwei-Pe with 105.952 million RRHI common shares, or 7.65 percent.

Lance and Robina are children of Mr. Gokongwei.

Gokongweis in PLDT
As the Philippines’ largest telecommunications group, Philippine Long Distance Telephone Co. Inc., which has been renamed PLDT Inc., credited JG Summit with 17.306 million common shares, or 8.01 percent of 216.056 million outstanding common shares but only 4.73 percent of voting stock.

PLDT based the percentages on 366.056 million outstanding voting shares divided into 216.056 million common shares and 150 million voting preferred shares. Its 300,001,240 non-voting preferred shares increased its outstanding capital stock to 471.607 million shares.

JG Summit is only one of PLDT’s significant stockholders. The others include Philippine Telecommunications Investment Corp., 26.034 million common shares, or 12.05 percent of common and 7.11 percent of voting stock; Metro Pacific Resources Inc., 21.557 million common shares, or 9.98 percent of common and 5.89 percent of voting stock; NTT Communications Inc., 12.633 million common shares, or 5.85 percent of common and 3.45 percent of voting stock; NTT DoCoMo Inc., 22.797 million common shares, or 10.55 percent of common and 6.23 percent of voting stock.

JG Summit, which is entitled to only one seat of PLDT’s 13-person board, holds 305.689 million common shares, or 27.12 percent, in Manila Electric Co. With this ownership, it elects three nominees to Meralco’s 11-man board, namely Mr. Gokongwei, his brother, James L. Go and son, Lance. Go is also a member of PLDT’s board.

Zobel-owned Ayala group
Jaime Zobel de Ayala, is chairman and chief executive officer of Ayala Corp (AC). He is now 56 years old and has been a member of the board directors since 1987. This means he has been a director for 29 years, and chairman since April 2006, or for 10 years. Fernando, his younger brother, joined him in the seven-man board in 1994.

The older of the Zobel brothers is chairman of Globe Telecom Inc., Integrated Micro-Electronics Inc., and Bank of Philippine Islands (BPI). He is also vice chairman of Ayala Land Inc. (ALI) and Manila Water Co. Inc. (MWC).

Aside from being a director, 55-year-old Fernando is also AC’s president and chief operating officer. He is also chairman of Ayala Land and Manila Water; a director of BPI, Globe Telecom and Integrated Micro-Electronics.

The lists of posts in family-owned companies are too long to accommodate here; therefore, Duediligencer has to limit the recitation of corporate names to those that are listed.

As the holding company of the Zobel group, AC has 619.614 million common shares and 200 million voting preferred shares for total of 819.614 million voting shares. It listed Mermac Inc. as owner of 303.689 million common shares, or 37.0527 percent; and Mitsubishi Corp. of Japan with 63.078 million common shares, or 7.696 percent.

PCD Nominee Corp holds 161.31 million common shares, or 19.681 percent, for foreigners, and 69.045 million common shares, or 8.424 percent, for Filipinos.

AC’s units
Globe Telecom has 291.259 million voting shares divided into 132.744 million common shares and 158.515 million preferred shares.

The Zobels control 198.867 million of Globe Telecom’s voting stock, or 68.278 percent, through Asiacom Philippines Inc., and AC holds 158.515 million voting preferred shares and 40.352 million common shares, or 12.96 percent.

As IMI’s majority stockholder, AYC Holdings Ltd., a Zobel-owned company, controls 945.537 million common shares, or 50.637 percent of 1.867 billion outstanding common shares.

In a PSE posting, BPI reported 3.932 billion outstanding common shares of which AC holds 859.599 million common shares, or 21.835 percent; Liontide Holdings Inc., 837.631 million common shares, or 21.302 percent, and AC Finance Ltd. of Cayman Islands, 341.845 million common shares, or 8.693 percent.

Of Ayala Land’s 27.762 billion total outstanding voting shares, 14.66 billion are outstanding common shares and 13.066 billion are outstanding voting preferred shares. Of the total, AC holds 6.935 billion common shares, or 24.978 percent, and 12.163 billion preferred shares, or 43.812 percent.

Recomputed, AC exercises voting right over 19.098 billion ALI voting shares, or 68.79 percent, divided into 6.935 billion common shares, or 47.188 percent of outstanding common shares, and 12.163 billion preferred shares, or 88.382 percent of outstanding preferred shares.

Manila Water has 6.054 billion outstanding voting shares divided into 2.504 billion common shares and 4 billion preferred shares. Of the total, AC owns 871.383 million common shares, or 42.42 percent of outstanding common shares. In addition, Philwater Holdings Co. Inc., a unit of the Ayala group, holds 4 billion preferred shares giving the Zobels voting right over 4.871 billion shares, or 80.466 percent.

esdperez@gmail.com

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