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GSIS’s
stake in SMC.
As of March 31, 2008, the Government Service Insurance
System (GSIS) owned 3.95 million shares, or 0.125
percent, in San Miguel Corp. (SMC). Its ownership
consisted of 1.674 million common A shares and 2.276
million common B shares. Two years ago, GSIS used to own
192.30 million shares, or 6.25 percent, consisting of
195.49 million common A shares and 809,754 common B
shares, which it sold to the San Miguel Corp. Retirement
Fund. With these holdings, Winston Garcia, GSIS
president and general manager, was elected to SMC’s
15-member board to represent the pension fund’s 1.4
million members. As in the past, he sits in SMC’s board
as an independent director and not as GSIS’s nominee.
Pay and
perks.
SMC’s directors, together with the other executive
officers, but excluding the five highest-paid executives
of SMC, received P807.90 million in 2006 and P708.10
million in 2005. Under SMC’s bylaws, the members of the
company’s board are also entitled to receive “2 percent
of the profits obtained during the year after deducting
general expenses, remuneration to officers and
employees, depreciation buildings, machineries,
transportation units, furniture and other properties.”
The amount, SMC said in a filing, “shall be apportioned
among the directors in such manner as the board deems
proper.” The board, of course, is composed of the perks’
recipients.
Insider’s trade.
San
Miguel Corp. Retirement Fund paid P4.825 million in
buying 107,500 A and B shares in the open market in
April. The additional acquisition increased the pension
plan’s direct ownership in SMC to 409.306 million A
shares, or 12.97 percent, and 148.478 million B shares,
or 4.7 percent. The plan also owns shares held by PCD
Nominee Corp.—3.301 million common A shares and 36.559
million common B shares. All these shares add up to
597.644 million, or 18.941 percent.
By the numbers.
The
Philippine Racing Club Inc. (PRCI) will hold a crucial
annual stockholders’ meeting on June 18, 2008. It will
again submit for ratification by the company’s
stockholders its plan to swap its property with shares
in JTH Davies Holdings Inc. Will PRCI succeed this time
in fighting the opposition who owns 5.67 percent of
JTH’s outstanding shares against PRCI’s 68.57 percent?
PRCI’s ownership in JTH will increase to 91.25 percent
if the share swap is ratified during the meeting and
finally implemented. Under the proposed stock-property
swap, JTH will issue 795.818 million shares to PRCI in
exchange for 212,069-square-meter property where the
latter holds horseraces. An appraisal placed the value
of the property at P18,000 per square-meter, or a total
of P3.817 billion, which, in turn, translates to P4.797
per JTH share.
From
profit to deficit.
Cosmos
Bottling Corp. told regulators that Hector P. Guballa,
Virgilio de Guzman, Acelia Velena, Angel Sabas and
Reynaldo Santos as a group received P20.9 million in
compensation in 2006. In a filing posted on the web site
of the Philippine Stock Exchange on April 30, 2008, the
company, which is now a subsidiary of Atlanta-based The
Coca-Cola Co. It did not disclose how much the group
received in 2007. The disclosure also did not identify
them as among the beneficiaries of Cosmos’s
involuntary-retrenchment package, which drove up
administrative expenses to P1.012 billion in 2007 from
P424 million in 2006. In the last two years, Cosmos has
been losing—P4.092 billion in 2007 and P277.132 million
in 2006, when it was owned by San Miguel Corp. As a
result of these losses, Cosmos recorded deficit of
P1.587 billion in 2007 against retained earnings of
P2.504 billion in 2006. |
