Suspended: Steniel Manufacturing Corp. (STN) reported 1 billion common shares as authorized, issued and outstanding in a consolidated financial statement as of Sept. 30, 2019. It also listed P414.632 million as additional paid-in capital, which it also showed in its consolidated but audited financial filing.
In consolidated yet not audited financial statements, STN, which is Steniel’s market symbol, reported that as of April 30, 2019, its beginning capital deficiency totaled P1.535 billion as of Sept. 30, 2019. With its consolidated six-month net income of P23.290 million, it succeeded in reducing said deficit to P1.512 billion, resulting in stockholders’ equity of P102.015 million, down 1.517 percent from P121.538 million in the same six-month period in 2018.
The website of the Philippine Stock Exchange (PSE) shows 876,182,045 STN common shares, or 87.618 percent of as 1 billion issued and outstanding common shares. Suspended since July 5, 2006, the company’s common shares were traded at P0.250. STN common shares from opening bell to closing when 100,000 shares were transacted. The stock recorded a 30-day high of P0.60 and a 30-day low of P0.20.
Bought. Antonio Chua Poe Eng is a director of Jollibee Foods Corp. (JFC). He owned 40,304,573 JFC common shares, or 3.67 percent. Of his total holdings, he directly held 39,097,446 JFC common shares and indirectly owned 1,207,127 JFC common shares.
On Nov. 21, 2019, he increased his ownership to 40,354,573 JFC common shares after buying 4,000 JFC common shares at P202 each, 2,000 JFC common shares at P201.40 each, 2,000 JFC common shares at P201 each, 4,000 JFC common shares at P200.40 each, 15,540 JFC common shares at P200 each, 4,290 JFC common shares at P199.90 each, 1,170 JFC common shares at P199.80 each, 2,330 JFC common shares at P199.60 each, 4,000 JFC common shares at P199.50 each, 330 JFC common shares at P199.30 each, 1,080 JFC common shares at P199.10 each, 6,260 JFC common shares at P199 each, 2,000 JFC common shares at P198.80 each, and 1,000 JFC common shares at P198.60 each.
In an explanatory note, Chua Poe Eng, a director of Jollibee’s nine-person board, said his indirect ownership of 1,257,127 JFC common shares after his acquisition of 50,000 JFC common shares were lodged with PCD Nominee Corp. through Honeyworth. On the day he bought 50,000 JFC common shares, the stock opened trading at P203, hit a high of P205, fell to a low of P202.20, and closed the day’s session at P202. On Nov. 21, 2019, JFC common shares opened trading at P205, hit a high of P207.80, fell to a low of P198.10, and closed at P198.60.
Footnotes. According to unaudited but consolidated financial filing as of Sept. 30, 2019, JFC had P43.448 billion retained earnings of which P20 billion was classified as “appropriated.” When deducted from the total, the company’s surplus totaled P33.448 billion.
Since JFC’s retained earnings are consolidated, P33.448 billion is not declarable as dividend either in stock or in cash. The company said under Note 19 (e) that it has “a cash dividend policy of declaring one-third of the Jollibee Group’s net income for the year as cash dividends.” The company’s note also said “the parent company’s retained earnings available for dividend declaration amounted to P14,558.6 million and P12,538.8 million as at Sept. 30, 2019 and Dec. 31, 2018.”
Ownership profile. Yang Chi Jen, who is also known as Michael Yang, is chairman of the 11-person board of Millennium Global Holdings Inc. (MGHI). He is also the president of the company and chief executive officer, and, at the same time, the alternate corporate information/ compliance officer, according to the PSE website.
At the same time, MGHI listed Janine G. Manzano as compliance officer and alternate corporate information officer. The public would and should note that Manzano’s post per PSE website designates her only as “corporate information officer sans “compliance.”
As of Oct. 31, 2019, PCD Nominee Corp. held for Filipinos and foreigners 1,263,947,272 MGHI common shares, or 50.56 percent, and 577,635,495 MGHI common shares, or 23.11 percent of 2.5 billion outstanding MGHI common shares.
Of PCD-held holdings for Filipinos, “Yang Chi Chen is the record/beneficial owner of 371,091,130 common shares equivalent to 14.84 percent of issued and outstanding shares.” In addition, he, a Filipino, is also listed as record/beneficial owner of 505 million MGHI common shares, or 20.20 percent.
Conqueror Space Ltd. “is the record owner of 489,744,458 MGHI shares equivalent to 19.59 percent of issued and outstanding.”
A public ownership report as of Sept. 30, 2019 listed the public as holders of 1,130,609,312 MGHI common shares, or 45.22 percent. Their ownership makes them substantial stockholder but without board directorship. Why is this so? Just asking.