Benguet classifies common stock into Class A, B shares
Credit to Author: EMETERIO SD. PEREZ| Date: Thu, 11 Jul 2019 16:18:45 +0000
Benguet Corp. (BC) has 616,119,252 issued common shares, divided into 371,050,755 A common shares and 245,068,497 B common shares, according to the company’s public ownership report (POR) as of June 30, 2019.
Of Benguet’s A and B shares, the company held in treasury 310,794 and 37,275 common shares, respectively, for a total of 348,069 treasury shares.
Minus the Benguet A and B treasury shares, the company has 616,771,183 outstanding BC common shares, of which 370,739,961 common shares are A shares and 245,031,222 are B shares.
Of the outstanding Benguet A shares, Luis Juan L. Virata holds the biggest number of common shares with direct ownership of 303,603 common shares, or 0.05 percent. Of his total holdings, he directly owns 234,003 A common shares and 69,600 B common shares. Daniel Andrew G. Romualdez has 21 A common shares; Maria Remedios R. Pompidou, 15; and Rohdora L. Dapula, Jose Raulito E. Paras and Rginald S. Velasco, one qualifying share each. Jennelyn F. Go, Jesse Hermogenes T. Andres and Edgar Dennis A. Padernal have one B common share each.
Five Benguet executives directly own 197,052 A common shares and 300 B common shares for total ownership of 197,352 A and B Benguet common shares.
Principal stockholders. Benguet listed for companies as principal stockholders, which directly hold 327,098,853 A and B common shares, or 53.15 percent, divided into 223,310,412 A shares and 103,788,441 B shares. These are Palm Ave. Holdings Co./and/or Palm Ave. Realty Co., 94,754,865 A common shares, or 15.39 percent; Palm Avenue Holding Co. Inc., 65,624,727 A common shares, or 10.66 percent; Palm Avenue Realty & Development Corp., 43.68 million B shares; and RYM Business Management Corp. (PCD Nominee), 62,930,820 A shares and 60,108,441 B shares, for a total of 123,039,261 A and B shares, or 20 percent.
As an investor on listed common shares, Social Security System directly holds 30,000 Benguet A common shares while China Banking Corp. directly owns 5,685 Benguet A common shares.
Benguet has also issued convertible preferred class A shares totaling 217,061, or 0.03 percent. FEBTC TA, which stands for Far East Bank and Trust Co. directly holds 8,084,469 A common shares, or 1.31 percent, under Trust Account 411300204-5.
The public stockholders, according to Benguet’s POR, are left owning 279,834,115 common shares, or 45.44 percent.
Director’s ownership. Jose Victor Emmanuel De Dios is a member of the 11-member board of Phoenix Petroleum Philippines Inc. (PNX). As of June 27, 2019, he owned 1,050,819 PNX common shares, or 0.074882 percent of outstanding 1,403,304,232 PNX common shares.
On July 09, 2019, De Dios sold 20,000 PNX common shares at P12.20 each and 3,000 PNX common shares at P12.20 each. The two sales grossed him P279,000 but reduced as of July 9, 2019 his PNX ownership to 1,027,819 PNX common shares, or 0.073243 percent.
A POR as of March 31, 2019 listed PNX’s 11 directors as direct holders of 9,229,400 common shares, or 0.66 percent. It showed Socorro Ermac Cabreros as the only officer who is the company’s stockholder with 130,516 PNX common shares, or 0.01 percent.
Phoenix has three principal or substantial stockholders with 1,071,216,610 PNX common shares, or 76.34 percent. These are Phoenix Petroleum Holdings Inc., 588,945,630 PNX common shares, or 41.97 percent; ES Consultancy Group Inc., 340,270,980 PNX common shares, or 24.25 percent; and Top Direct Investments Ltd., 142 million PNX common shares, or 10.12 percent.
Udenna Management Resources Corp., which is one of the companies belonging to the group owned by businessman Dennis Uy, directly owns 11,661,195 PNX common shares while Udenna Corp. and Udenco Corp. hold 117,245,918 PNX common shares, or 8.35 percent, and 1,614,787 PNX common shares, or 0.12 percent.
Phoenix Petroleum also has under the company’s ESOP (employee stock ownership plan) 4,821,573 common shares, or 0.34 percent.
Minus Dennis Uy’s holdings, PNX attributed to the public the ownership of 187,384,233 common shares, or 13.35 percent.
Still losing
Philippine Telegraph and Telephone Corp. has piled up an accumulated deficit of P11.787 billion, according to a quarterly financial filing as of March 31, 2019. This resulted in capital deficiency of P734.571 million, which, compared with capital deficiency of P714.207 million, would be equal to P20.364 million.
The amount of P20.364 million resulted from deducting P11,766,892,000 accumulated deficit as of Dec. 31, 2018 from P11,787,256,000 accumulated deficit as of March 31, 2019.
In its unaudited financial filing, PT&T, incidentally, reported net loss of P20.364 million, which, of course, is the same amount as the difference between accumulated deficit as of March 31, 2019 minus accumulated deficit as of Dec. 31, 2018.
In its last filing posted June 28, 2019 on the website of the Philippine Stock Exchange (PSE), PT&T accepted on the same day the resignation of Henry T. Galingan as chief technical officer effective June 30, 2019. The company cited “personal” reason for its chief technical officer’s resignation, according to a PSE posting filed by Kenneth Joey Maceren, PT&T’s legal counsel.
As disclosed, PT&T’s seven-man board elected Salvador B. Zamora II as chairman and Jaime G. Velasquez, who is also a director, as president and chief executive officer. Miguel Marco A. Bitanga, also a director, is chief operating officer and treasurer while Salvador T. Zamora 3rd is director. Three independent directors complete the seven board members, namely, Serafin C. Ledesma Jr., Roberto B. Ortiz, and Bienvenido S. Santos.
By the way, hasn’t the Securities and Exchange Commission required the elimination of classes of common shares that Benguet still implements? Does the sequestration of certain blocks of common shares by the Presidential Commission on Good Government have anything to do with it? Just asking.
esdperez@gmail.com
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