Goodbye, PSE. C&P Homes Inc. marked its 12th anniversary as a listed company on July 31, 2007. On September 24, 2007, its shares will be delisted from the official registry of the Philippine Stock Exchange, paving the way to the listing by introduction of Vista Land and Lifescapes Inc.. C&P Homes, whose market symbol is CMP, was last traded on June 8, 2007,  when it closed at P4.05. In its last disclosure on July 16, 2007, it listed Vista Land as it biggest stockholder as of June 30, 2007 with 4,764,180,157shares, or 97.0169 percent. It said Credit Suisse Securities (Europe) Ltd. of UK was its largest foreign stockholder with 23.772 million shares, or 0.484 percent. 

Big deal. Yorkshire Holdings Inc. is one of the companies controlled by businessman Andrew Tan. When Alliance Global Inc. (AGI), which is already a listed company, offered 1.8 billion shares at P5.75 through an initial public offering in June 2007, Yorkshire sold 1.796 billion of its holdings in AGI, a transaction from which it generated P10.327 billion. After the IPO, Tan remains AGI controlling stockholder through various corporate shareholders that he and his family own. After it sold most of its AGI, Yorkshire was left with 113,273,508 shares, or 1.103 percent, the shares it owned as of June 30, 2007. The Andresons Group Inc. is AGI’s biggest stockholder with  3,722,008,394 shares, or 36.242 percent. 

283.33% profit in 4 months. Yorkshire unloaded at P5.75 each 1.796 billion shares, for total proceeds of P10.327 billion. From the sale, Yorkshire made a gross profit of P7.633 billion, or 283.33 percent in four months as it bought these shares at P1.50 each under a preemptive rights offering when AGI increased its capital stock by 7.95 billion in February 2007. Of the additional capital stock, Yorkshire, together with its subsidiaries, subscribed to 1.987 billion shares. On April 23, 2007, Yorkshire said it paid P2,661,129,501  for 1,774,086,334, the shares which it directly owned. It also bought in the open market 183.679 million shares at an average price of P6.37 per share. After the rights offering. Yorkshire directly owned 1,913,273,508 AGI shares, or 22.589 percent and indirectly owned 1,295,265,334 shares, or 15.293 percent, held by its units. 

Equity update. Dacon Corp., which is also controlled by the Consunji family, is raising its holdings in DMCI Holdings Inc. to 1,020,359,329 shares, or 38.42446 percent, from 620,359,329 shares, or 27.50437 percent. The increase resulted from its acquisition of additional 400 million DMCI shares, which were taken from 3,644,506,000 unissued  shares. In a filing, DMCI said it raised from the stock sale P2,763,456,700, an amount more than enough to pay the P1.5-billion loan it used to pay its participation in acquiring Maynilad Water Services Inc. in partnership with Metro Pacific Investment Corp. The increase in Dacon’s holdings diluted the percentage of foreign ownership in DMCI to 26.85405 percent from 31.61648 percent. PCD Nominee Corp. holds 713,107,749 DMCI shares for foreign investors. 

Breaching 40% limit. Bank of Philippine Islands (BPI), the transfer agent of Ayala Land Inc. (ALI), has informed the Philippine Stock Exchange (PSE) that foreign ownership in ALI its sister company, exceeded the allowable 40 percent  foreign ownership as of July 10, 2007. BPI and ALI are both controlled by the Zobels. ALI was one of the listed companies, which received warnings from PSE president Francis Ed Lim against breaching the foreign equity ceiling. The others were Megaworld Properties & Holdings Inc., Philippine Racing Club Inc., Edsa Properties Holdings Inc. and Asian Terminals Inc. The PSE report did not explain how foreign stake in ALI has breached 40 percent when Ayala Corp. owns 53.235 percent of its outstanding shares. 

Revitalizing Coke. With Coca-Cola Bottlers Philippines Inc. (CBPI) back to its fold after paying San Miguel Corp. (SMC) $590 million, The Coca-Cola Co. said it “has begun to formulate a plan to improve the efficiency of CBPI’s operations.”  In buying out SMC from CBPI, Coca-Cola also “assumed approximately $140 million in debt.” In a filing posted on the web site of the New York Stock Exchange, Coca-Cola said the plan has begun to bear fruit. “In the Philippines, unit case volume increased 11 percent in the quarter, cycling a 19-percent decline in the prior year quarter,” Coca-Cola said in second-quarter report for 2007. The US bottler “is in the process of obtaining third-party valuations for many of the assets and liabilities acquired, and the preliminary estimates are subject to adjustments as additional information is obtained.”  It also said that “the preliminary amount of purchase price allocated to property, plant and equipment was approximately $287 million, franchise rights was approximately $278 million and goodwill was approximately $186 million.”

PHILIPPINE National Bank (PNB) plans to sell more bad loans and assets to further bring its ratio along industry standards.

IPVG, unit acquire Globalstride

PUBLICLY-traded information technology and communications company IPVG Corp. has acquired for $1 million the assets of Globalstride Corp. and Globalstride Holdings Ltd.

US-BASED investment fund Farallon Capital Management L.L.C has sunk $10 million in publicly listed online gaming firm PhilWeb Corp. in exchange for equity.

PROPERTY developer Belle Corp. reported a 54-percent rise in net income for the first semester of the year to P93.6 million from P60.2 million in the same period last year.