Investor profile. Ashmore Situations Fund 4 Ltd. Partnership has bought the 40-percent stake of Aramco Overseas Co. B.V., a Saudi firm registered in the Netherlands. It is a unit of the British-owned Ashmore Investment Management Ltd. which has significant stake in a company listed on the Philippine Stock Exchange. Through three entities—Ashmore, which is an ISM costockholder of former trade minister Roberto V. Ongpin; M&C Corporate Services Ltd. of P.O. Box 309 GT, Ugland House, South Church Street, George Town, Grand Cayman, Cayman Islands; and Asset Holder PCC No. 2 Ltd., New Street, Peter Port, Guernsey—combine for a total of 23.195 billion ISM shares, or 21.10 percent. PhilWeb Corp.—in which Ongpin owns 53.476 million shares,  or 43.256 percent—owns 24.474 billion ISM shares, or 22.31 percent. Ongpin is chairman of the boards of the two companies.

Name change.  The Lopez-owned PNOC-Energy Development Corp.  (EDC) is changing its identity by dropping PNOC from its corporate name. This is in compliance with the condition of the sale by the government-owned Philippine National Co. (PNOC) of its remaining 60-percent holdings in EDC. Thus, EDC—market symbol of PNOC-EDC—will now be known as Energy Development Corp. In a filing, the company said it will seek approval of the new name from the Securities and Exchange Commission. Red Vulcan Holdings Corp. (RVH), the corporate vehicle which the Lopezes used in bidding for the government-owned EDC shares, owns 6 billion common shares, or 40 percent. PCD Nominee holds for foreigners 8.228 billion common shares, or 54.856 percent. Including RVH’s 7.5 billion preferred shares, EDC has 22.488 billion in outstanding capital stock, which dilutes foreign-owned holdings to 36.588 percent.

Buyback. It seems the Malaysian stockholders of Prime Gaming Philippines Inc. (PGPI) are getting rid of the company’s small investors. As PGPI’s majority stockholders, the Malaysians have already accumulated 36.407 million treasury shares out of 99.53 million issued common shares in the continuing buyback program. Then, on Wednesday, the company informed the Philippine Stock Exchange that it is allocating its “unrestricted retained earnings not exceeding P420 million” for another share purchase. In a filing, it said the buyback program is intended to enhance shareholder value for long-term investors. As of March 31, 2008, the top five stockholders own 62.654 million shares, or 99.255 percent, leaving the public with 470,000 shares.  The stockholders are Berjaya Lottery Management, with 45.659 million shares; Abacus Capital and Investment Corp., 6.942 million shares; Berjaya Sports Toto (Cayman) Ltd., 5.755 million shares; and Ferrystar Ltd., 4.298 million shares. PCD Nominee Corp. holds 324,356 shares. From April 8 to May 20, PGPI only had two trades. It traded throughout the sessions on May 19 and May 20 at P120, on value turnover of P150.535 million and P192.120 million, respectively.

“OUR plate is full.”

Contrary to reports that it has expressed interest over some shareholdings in the Manila Electric Co. (Meralco), the Aboitizes denied Wednesday that they are interested to gain a foothold in the country’s largest power distributor.

Rise in ad spending to push up GMA revenues

DESPITE the lack of political ad spending this year, GMA Network Inc. is still bullish it could end 2008 with a 20-percent growth in both revenues and net profit.

Aboitiz Equity Ventures (AEV) posted a P1.18-billion profit in the first three months of the year, or 9-percent higher than a year ago.

Its power group boosted earnings with P761 million in contribution, followed by the banking group’s P232 million and food group’s P156 million.

NOT again.

Washington Z. Sycip may have uttered this upon learning that the Securities and Exchange Commission (SEC) questioned his nomination for reelection as an independent director of Benpres Holdings Corp., a Lopez-controlled company.

Smart Broadband Inc. (SBI), a unit of Smart Communications Inc., said it expects its wireless broadband subscribers to increase by 450,000 more in three years if it will be allowed to operate in the 700-megahertz (MHz) spectrum.

COMMISSIONER Ruel Canobas of the National Telecommunications Commission (NTC) and three other department heads were subpoenaed yesterday by a Makati court in connection with a motion to terminate rehabilitation proceedings and to allow the liquidation of Liberty Telecoms.

Ashmore Situations Fund 4 Ltd. Partnership has bought the 40-percent stake of Aramco Overseas Co. B.V., a Saudi firm registered in the Netherlands.