Conflicting numbers. Prime Gaming Philippines Inc. (PGPI) listed the number of its outstanding shares at 99,530,872 against 63,124,028 posted on the web site of the Philippine Stock Exchange (PSE), or a discrepancy of 36,406,844 shares. The conflicting numbers need some clarifications from PSE president and chief executive officer Francis Ed Lim to avoid confusion among listed companies which may also want to include treasury shares in determining whether or not foreign ownership of their capital stock has reached or topped the 40-percent allowable constitutional limit. The legal restriction does not cover PGPI, which has 99,530,872 common shares issued out of 100 million authorized common shares.  

Computation. The gaming firm uses its issued shares as basis in computing the percentage of ownership of its stockholders. For example, Berjaya Sports Toto (Cayman) and Berjaya Lottery Management own 5,755,213 PGPI shares, 5.78 percent, and 45,658,833 PGPI shares, or 45.87 percent, respectively. Their combined holdings of 51,414,046 shares represent 51.65 percent of 99,530,872 issued shares and 81.449 percent of 63,124,028 outstanding shares, excluding treasury shares. 

Paper gain. PGPI, along with its foreign owners, has been making paper gain from buying back its own shares. It spent P799,476,846 in reacquiring 36,406,844 shares over the years, or an average price of P21.959 per share. The value of PGPI’s treasury shares had gone up to P5,461,026,600 at P150 per share, its closing price on August 23, 2007, when 300 PGPI shares were traded. Berjaya Sports, on the other hand, bought 5,755,213 PGPI shares early this year at P40 per share each. At P150 per share, it is ahead by P110, or by 250 percent. At the same price, the two Berjaya companies’ .51,414,046 shares had market value of P7,712,106,900.  

Foreign buying. UBS AG of Switzerland, along with its units, now owns 33,171,180 shares in Philippine National Bank (PNB), equivalent to 5.009 percent of PNB’s 662,245,916 outstanding shares. In a delayed filing, UBS AG said it invested P1,771,425,614 in PNB shares which it bought from June 2007 to August 2007 at an average price of P53.40 each. It joined five British-owned corporate stockholders who combine for 28.573-percent equity in the bank which is controlled by businessman Lucio Tan. The shares of other foreign investors owning 8,582,388 PNB shares are held by PCD Nominee Corp. The government recently sold its remaining 71,811,091 PNB shares when the bank recently made an additional stock offering.  

Buyback. Ayala Corp. is using P2.5 billion of its retained earnings which amounted to P57.768 billion as of June 30, 2007 in buying back its own shares. In a filing, the Zobel-controlled holding company said is undertaking this exercise saying AC shares are “undervalued based on the prevailing stock prices.” AC hit a 30-day high of P535 on July 31, 2007 and dropped to a low of P400 on August 21, 2007. As of end-2006, it had 4,379 treasury shares which it valued at P310,000, or P70.79 per share.  

Rarely traded. Manila Broadcasting Co. would qualify under the heading “listed but not public” if the market has such qualification. On January 17, 2005, 184,408 MBC shares, valued at P239,730.40, were traded, the only transaction that year, and 527,070 shares this year, which changed ownership at P1 par value. MBC shares were last traded on May 24, 2007, when it closed at P1. MBC, which was listed on July 10, 1953, has 402,682,989 outstanding shares, which are held by 612 stockholders. Elizalde Holdings Corp. is the biggest stockholder with 139,558,774 shares, or 34.65 percent, followed by Elizalde Land Inc., with 120 million shares, or 29.79 percent. Romulo, Mabanta, Buenaventura, Sayoc & De los Angeles holds as trustee for Elizalde children 69,910,993 shares, or 17.36 percent.

FIRST Metro Investment Corp. will be underwriting three initial public offerings (IPO) early next year.

Executive vice president Jose Pacifico E. Marcelo said these firms have sought the services of First Metro, the investment of Metropolitan Bank and Trust Co., the nation’s largest lender.

Etihad Airways adds more flights

ETIHAD Airways, the United Arab Emirates’ (UAE) national carrier, is increasing its Abu Dhabi-Manila flights from four to seven a week beginning next month.

WITH the call-center industry projected to grow a hefty 33 percent this year, ePLDT subsidiary iPLUS is offering start up call-centers an all-in-one premise-based solution, called Call Center in a Box (CCiB).

IN the near future, Filipinos will be tapped to help start up operations overseas of Dell contact centers.

In an interview late Wednesday, Dell Philippines country manager Michael J. Garrison said the Austin, Texas-based company is impressed with the work performance of Filipino contact center agents in its Pasay and Eastwood offices in servicing United States-based Dell clients for their different requirements.

SUN Life Financial-Philippines posted sales of more than P13 billion for the first six months of the year, where its first semester result is 97-percent higher compared to the same period last year.