Where is PH Resorts headed?
Emeterio Sd. Perez
UDENNA Corp. spent more than P24.18 million in buying 4.220 million H2O common shares at P5.73 each on June 22, 2018. It also acquired 1.5 million H2O common shares at a higher price of P6.54 per share, or a total of P9.18 million. The company, which is unlisted, spent a total of P33.99 million in buying said two blocks of H2O common shares.
With him as H2O majority stockholder, Dennis A. Uy was elected chairman of the board.
Udenna holds office at Stella Hizon Reyes Road, Bo. Pampanga, Davao City, Davao del Sur.
A company description prior to the Uys’ takeover showed H2O “was incorporated as Calapan Equity Ventures Inc. on Jan. 30, 2009, primarily as an investment holding company.” The same PSE website listed the company as a wholly owned subsidiary of Jolliville Holdings Corp. (JOH) until property dividends were distributed to JOH shareholders.
As a JOH unit, H2O had 243.242 million outstanding common shares, according to a public ownership report (POR). Its seven directors then owned 9.204 million H2O common shares, or 3.784 percent of 243.242 outstanding common shares.
As board chairman, Uy reported in a filing his acquisition of 2.954 million H2O common shares at P5.73 per share on June 22, 2018 and 1.05 million H2O common shares at P6.54 each on June 25, 2018. His H2O holdings are held for him by Udenna, making him an H2O indirect stockholder.
Insiders’ trades
ZALDY M. Prieto is chief finance officer of Philweb Corp. (WEB). On June 26, 2018, he sold 553,000 WEB common shares at P5.26 per share. The sale reduced his direct holdings in Philweb to 225,400 WEB common shares.
JESLI A. Lapus is an independent director of STI Education Systems Holdings Inc. (STI). He sold 270,000 STI common shares at P1.13 each and 230,000 STI common shares at P1.14 per share on June 25, 2018. The sale reduced the number of STI common shares he indirectly owned to 6 million STI common shares from 6.5 million STI common shares.
JAIME G. Sanchez is vice president, deputy financial officer, group controller and compliance officer of Integrated Micro-Electronics Inc. On June 28, 2018, he bought 30,000 at P14.50 each and another 30,000 IMI common shares at p14.40 per share. These purchases increased his holdings in the company to 95,790 IMI common shares. In his filing, he said his IMI common shares are all lodged with PCD Nominee Corp. making him an indirect stockholder.
Another IMI stockholder also bought 24,000 common shares at P14 per share on June 28, 2018. The acquisition by Linardo Z. Lopez increased his IMI ownership to 0.03 percent, equivalent to 545,568 IMI common shares. In his filing, he said of his total holdings, he indirectly owns 379,568 IMI common shares thru a company’s executive ownership plan while 166,023 IMI common shares are lodged with PCD Nominee.
Gokongwei-owned
A general information sheet (GIS) listed the authorized capital stock of JG Summit Holdings Inc. (JGS) at 18.851 million shares divided into 12.851 million common shares with par value of P1 per share; 2 billion preferred shares with par value of P1 per share; and 4 billion voting preferred shares with par value of P0.01 per share.
JG Summit said in the same filing that it had 1,001 stockholders – 1,001 Filipino common shareholders who owned 5.943 billion JGS common shares, or 82.97 percent, as of June 2018. Only one held the company’s voting preferred shares.
In its GIS, JGS listed 27 foreigners as stockholders who held 1.219 billion common shares, or 17.03 percent. Of foreigner-owned JGS common shares, only one from British Virgin Island held 267.568 million JGS common shares, or 3.74 percent while other “non-Filipinos” held 951.254 million JGS common shares, or 13.28 percent.
The GIS list showed the Gokongweis held 1.997 billion JGS common shares, or 27.88 percent, and 4 billion preferred voting shares, representing the entire block of JGS voting preferred shares.
PCD Nominee held 1.641 billion JGS common shares, or 22.91 percent, for Filipinos, and 940.919 JGS common shares, or 13.14 percent, for foreigners. The beneficial owners of PCD-held common shares are not known.
Due Diligencer’s take
The Uys are among the more active businessmen in this country. They are not the majority stockholders of H2O. The family decided it was time to change the company’s corporate name to PH Resorts Group Holdings Inc.
The problem with such change of corporate identity should have been noted by the Securities and Exchange Commission. What the public should have been told is that the word “Philippines” is an exclusive domain of the government.
How the Uys were able to circumvent the rule is beyond Due Diligencer’s understanding. Nevertheless, what’s more important is the flow of money into the stock market even if only one group is engaged in expanding its reach.
The Uys have yet to disclose their plans. How do they intend to expand their business? Will they relocate their headquarters to Fort Bonifacio, which is now the choice of most of the businesses whether listed or not, or whose common shares are publicly traded.
As today’s takeover group, will PH Resorts, as its name suggests, be investing its money in hotels and other tourism-related ventures? Just asking.
esdperez@gmail.com
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