Wednesday, January 20, 2021

Don’t hurt the public who buy and sell ABS-CBN common shares


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ABS-CBN Corp. describes itself as “a media and entertainment organization in the Philippines.” As such, it “is primarily involved in television and radio broadcasting as well as in the production of television and radio programming for domestic and international audiences and other related businesses.”

Since ABS-CBN has its shares listed in the Philippine Stock Exchange (PSE), the company’s common shares are traded by the public. Its stock hit a 30-day high of P20 each on Jan. 8, 2020 when its common shares opened at P19.20 and dropped to a session’s low of P18.96 but closed the day at P19.30, which was higher than the stock’s P19.20 opening.

A public ownership report (POR) as of Dec. 31, 2019 listed ABS-CBN to have issued 883,294,529 common shares but reported 21,322,561 treasury shares, which when deducted from issued shares would result in the company having 861,971,968 outstanding common shares.

Said filing also showed ABS-CBN’s board directly owned 1,565,878 common shares and indirectly held 249,833 common shares, for total ownership of 1,815,711 common shares, or 0.21 percent of 861,971,968 outstanding common shares.

Of 1,815,711ABS-CBN common shares that it attributes as owned by the 11-member board, only Augusto Almeda-Lopez was an indirect stockholder, owning 249,833, in addition to his direct ownership of 4,055 common shares.

* * *

The other directors and their direct ownerships are as follows: Oscar M. Lopez, 63,605 ABS-CBN common shares; Eugenio Lopez 3rd, 769,960 common shares; Martin L. Lopez, 89,659 common shares; Carlo L. Kattegat, 249,500 common shares; Manuel M. Lopez, 351,196 common shares; Salvador G. Tirona, 22,002 common shares; Federico M. Garcia, 13,898 common shares; and Antonio Jose U. Periquet, 2,001 common shares. Two of 11 directors were direct stockholders with nominal, or one common share each. They were Emmanuel S. De Dios and Federico R. Lopez.

As a listed company, ABS-CBN common shares are traded by the public investors who, as of Dec. 31, 2019, held 367,185,008 common shares, or 42.60 percent of 861,971,968 outstanding common shares.

The POR also listed 26 executives as direct holders of 1,608,342 ABS-CBN common shares, or 0.2 percent. (A computation showed the result 0.186588 percent but which the company rounded to 0.2 percent.)

The officers’ direct ownerships are as follows: Eloisa D. Balmoris, 1,000 ABS-CBN common shares; Ma. Rosario S. Bartolome, 80,000 common shares; Jose Agustin Benitez Jr., 29,000 common shares; Kane Errol C. Chua, 2,000 common shares; Olivia G. De Jesus, 20,000 common shares; Higino T. Dungo Jr., 51,000 common shares; Richmond Ezer O. Escolar, 200 common shares; Marifel Gaerlan-Cruz, 2,000 common shares;

* * *

Jay C. Gomez, 27,500 ABS-CBN common shares; Roberto G. Labayen, 71,000 common shares; Olivia M. Lamasan, 140,040 common shares; Dino Jacinto M. Laurena, 40,000 common shares; Dennis Marco A. Liquigan, 67,788 common shares; Charles A. Lim, 65,500 common shares; Raymund Martin T. Miranda, 139,900 common shares; Mario Carlo P. Nepomuceno, 92,351 common shares; Luis Paolo M. Pineda, 10,000 common shares; Enrique I. Quiazon, 9,615 common shares; Lina D. Quiogue, 5,300 common shares;
Ma. Regina E. Reyes, 35,048 ABS-CBN common shares; Ricardo B. Tan Jr., 91,500 common shares; Vivian Y. Tin, 60,600 common shares; Rolando P. Valdueza, 284,500 common shares; and Ma. Socorro V. Vidanes, 239,500 common shares. Fernando V. Villar was listed as one of ABS-CBN’s executives but the POR did not credit him with ABS-CBN common shares.

The filing listed two principal stockholders: Lopez Inc. as direct holder of 480,933,747 ABS-CBN common shares, or 55.79 percent; and ABS-CBN Holdings Corp., which was a direct owner of 306,806,300 common shares, or 35.59 percent. The two combined for ownership of 787,740,047 ABS-CBN common shares, or 91.38 percent. In addition, ABS-CBN Foundation Inc. directly held 780,995 ABS-CBN common shares, or 0.09 percent, according to the POR.

Direct ownership of participants to ABS-CBN’s employee stock purchase plan totaled 7,995,677 common shares, or 0.93 percent.

With ABS-CBN’s public stockholders owning 367,185,008 common shares, or 42.60 percent of outstanding, will Solicitor General Jose “Boyet” Callangan Calida spare ABS-CBN from harm? Just asking.

(Disclosure: Due Diligencer was employed as a proofreader when The Manila Chronicle was still owned by the Lopezes.)



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