Home Business Business Columns Semirara’s consolidated filing

Semirara’s consolidated filing


Antonio Uy Periquet Jr. reported on Aug. 9, 2019 his initial but indirect ownership of 4.333 million common shares, or 0.10 percent, in Semirara Mining and Power Corp. (SCC). When computed, his ownership represents 0.102 percent of 4,250,547,620 outstanding common shares, according to a public ownership report (POR).

Of its issued common shares, SCC also reported 14,061,670 treasury common shares of 4,264,609,290 issued common shares in the same POR as of June 30, 2019.

Of the outstanding common shares, SCC attributed to the company’s public stockholders the ownership of 1,106,754,466 common shares, or 26.04 percent.

As in other listed companies, SCC’s public stockholders are not represented in SCC’s 11-person board. Instead, the company appointed two independent directors as listed on the website of the Philippine Stock Exchange (PSE), namely Rogelio M. Murga and Honorio O. Reyes-Lao, who directly own 40,040 SCC common shares and 1,798,520 SCC common shares, respectively.

Of 1,798,520 SCC common shares, Reyes-Lao directly holds 1,236,040 common shares. In addition, he also indirectly owns 562,480 SCC common shares.

Semirara’s POR listed two principal stockholders with combined holdings of 2,964,435,885 SCC common shares, or 69.75 percent. DMCI Holdings Inc. and Dacon Corp. directly own 2,407,770,396 SCC common shares, or 56.65 percent, and 556,665,489 SCC common shares, or 13.1 percent, respectively.

The government directly owns 145,609,296 SCC common shares, or 3.43 percent, through the Privatization Management Office (PMO).
GIS, a… sheet, listed SCC having authorized capital stock (ACS) consisting of 10 billion common shares with P1 par value.

As of May 2019, of the company’s ACS, 713 Filipinos owned 4,042,907,647 SCC common shares, or 40.43 percent, while 12 foreigners held 207,639,973 SCC common shares, or 42.51 percent.

Of the alien-owned SCC common shares, PCD Nominee Corp. held 206,847,619 SCC common shares, or 2.07 percent, for beneficial owners. PCD acts as record stockholder only.

As listed in its public ownership report, DMCI Holdings held the same number of SCC common shares. Dacon owned less as it reported in the GIS 532,993,408 SCC common shares, or 12.54 percent.

In the POR, Dacon was reported as holder of 556,665,489 SCC common shares, or 13.1 percent.

The GIS also listed PCD Nominee as holder of 776,295,694 SCC common shares, or 18.26 percent, for Filipinos, and 206,847,619 SCC common shares, or 4.87 percent for foreigners.

While in the POR, the government thru PMO held less with 145,609,296 SCC common shares, or 3.43 percent.

Semirara’s other stockholders in the GIS included DFC Holdings Inc., 82,364,916 SCC common shares, or 1.94 percent; Freda Holdings Inc., 18,451,532 SCC common shares, or 0.42 percent; Guadalupe Holdings Corp., 11,375,396 SCC common shares, or 0.27 percent; Regina Capital Development Corp., 10.3 million SCC common shares, or 0.24 percent; and Fernwood Investments Inc., 9,861,464 SCC common shares, or 0.23 percent.

Financials. In a consolidated but unaudited quarterly financial filing, SCC reported P30,258,960,680 retained earnings. It also listed capital stock of 4,264,609,290 and additional paid-in capital (APIC) of P6,675,527,411.

APIC refers to payment of either common or preferred shares over par value. SCC listed capital stock of 4,264,609,290 with P1 par value and P6,675,527,411, which, when added, equals P10,940,136,701 divided by 4,264,609,290 equals P2.565 per SCC common share.

However, dividing P10,940,136,701 is not how a listed company arrives at the average value of either common or preferred shares. A publicly traded company, which is not at all public, usually sells shares to the public at premium, meaning it charges more the public investors, who do not belong to the very rich family who owns said listed company.

However, the computation is reported here to show only the average per share in peso term.

As a matter of fact, the result of the computation shows more, which was P2.565331536151111 but was shortened to P2.565.

As have been suggested here, it is usually the public who are levied more for their ownership that they are sometimes credited with too many common shares that do not translate to even one seat in the board.

By the way, which among Semirara’s subsidiaries are more profitable than others? Just asking.

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Today’s Front Page December 10, 2019

Today’s Front Page December 10, 2019