Zobels remain in control of Globe Telecom

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Emeterio Sd. Perez

Emeterio Sd. Perez

It is time to review the ownership structure of Globe Telecom Inc., a subsidiary of Ayala Corp., the listed holding company of the Zobel family.

As disclosed, the outstanding capital stock of Globe Telecom consists of 132.7 million common shares with a par value of P50; 158.5 million voting preferred shares with a par value of P5; and 20 million non-voting preferred shares with a par value of P50.

A public ownership report shows that of the common shares, two stockholders hold about 103 million shares or 77.6 percent. These are Singapore Telecom and Ayala with 62.6 million shares or 47.2 percent, and 40.3 million shares or 30.4 percent, respectively. This ownership profile shows the Singaporean company breaching the 40-percent minimum foreign ownership limit.

The ownership filing makes the public significant stockholders with 29.5 million common shares, or 22.25 percent, but with a little bit of irony in there. Of the publicly owned Globe shares, 23 million or 17.3 percent are listed as being owned by non-Filipinos who, together with SingTel, control 85.66 million shares or 64.5 percent.


Dilution
PCD Nominee Corp. holds 19.67 million Globe Telecom non-voting preferred shares for Filipinos and 112,300 for foreigners. The Knights of Columbus holds 200,000 shares while eight individuals directly own the remaining shares.

Globe Telecom is not controlled by foreigners as the numbers shown in this ownership profile may suggest. It remains controlled by Filipinos because of the dilution of foreign ownership by 158.5 million voting preferred shares held by Asiacom Inc., which is considered a Filipino company even if SingTel may be a minority stockholder in it.

In the company’s filing, Asiacom-held voting preferred shares represent 54.4 percent of 291.2 million shares as of Jan. 31, 2015. (Recomputed, the resulting percentage is 54.4 percent.)

With its present outstanding voting capital stock consisting of 291.2 million shares divided into 132.7 million common shares and 158.5 million voting preferred shares, Filipino stockholders led by the Zobels are credited with ownership of 205.4 million shares, equivalent to 70.5 percent.

Ownership profile
As of July 31, BDO Securities Corp. and Alakor Securities Corp. indirectly owned 37.4 billion shares or 19.4 percent and 31.87 billion common shares or 16.6 percent, respectively, in Philodrill Corp., according to a filing posted August 5 on the website of the Philippine Stock Exchange.

Alakor Securities’ Philodrill shares included 10 million shares it bought on July 20 when the stock closed at P0.012. Available posting shows that Philodrill shares traded at P0.015 in the last six trading days of June.

In an ownership report as of June 30 filed by Stock Transfer Service Inc., PCD Nominee held 172.8 billion Philodrill shares or 90 percent for Filipinos and 2.4 billion Philodrill shares or 1.26 percent for foreigners.

Only a few corporate stockholders were identified as direct owners of Philodrill in the same ownership posting. Among them are Alsons Consolidated Resources Inc. with 0.3 percent; Trafalgar Holdings Inc., 0.19 percent; Philippine Remnants Co. Inc., an American-owned company, 0.1 percent; and Ayala Corp., 0.01 percent.

Annual meeting
Atok-Big Wedge Co. Inc. is holding its annual stockholders’ meeting on Monday, Aug. 11. If the public who own Atok shares have something to ask about the company, here are the names of three stockholders who should be able to explain the company’s financials such as its deficit of P426.1 million.

Roberto Ongpin owns 1.5 billion shares or 58.4 percent in Atok-Big Wedge, making him the company’s majority stockholder. Eric O. Recto, his nephew, and Walter Brown, hold 289.5 million shares or 11.4 percent, and 509 million shares or 20 percent, respectively.

Together, 11 other individual but direct stockholders, Ongpin, Recto and Brown, own a combined 2.3 billion shares or 89.76 percent, leaving the public with 260.8 million shares or 10.25 percent.

In its public ownership report, Atok divided its outstanding capital stock into 954 million listed shares and 2.3 billion non-public shares.

esdperez@gmail.com.

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