IF public investors who trade on shares listed on the Philippine Stock Exchange (PSE) would care to surf www.sc.judiciary.gov.ph, they would find a number of cases filed by the stockholders of Oriental Petroleum and Minerals Corp. and decided by the Supreme Court. These cases show that the writ of sequestration on certain blocks of OPMC shares issued by the Presidential Commission on Good Government (PCGG) was the main issue that was decided by the Securities and Exchange Commission (SEC). A number of these cases have reached the High Court.
There is no need to recite these suits. It would be enough that the public is informed that Oriental Petroleum is now a unit of the Gokongwei group, in partnership with businessman Robert Coyiuto Jr., who is also a stockbroker.
To elucidate further, Due Diligencer presents below the ownership profile of the once controversial oil exploration company.
OPMC shares remain actively traded.
Oriental Petroleum reported in a general information sheet (GIS) authorized capital stock of 200 billion common shares. At par value of P0.01, OPMC’s capital stock is equivalent to P2 billion.
The same GIS showed OPMC’s authorized capital stock is fully issued, leaving no room for future issue of any additional shares. This could be the reason for insiders turning to the market to accumulate OPMC shares, as James Go did.
On September 5, Go paid P5.2 million to acquire 400 million OPMC A shares at P0.013 each. The acquisition increased the number of OPMC shares he directly owns to 739 million, with market value of P9.607 million.
Of OPMC’s 200 billion paid-up capital, 10,902 Filipinos control 193.029 billion shares, or 96.515 percent, while 867 foreigners hold 6.970 billion shares, or 3.485 percent. Of the foreigners, 376 are American, 91 Chinese, two British and one Canadian. Other foreigners whose nationalities have not been specified are among OPMC’s significant stockholders, owning more than 6.235 billion shares, or 3.118 percent.
The oil exploration company’s GIS said it had 11,769 stockholders as of July 28. Most of them lodged their OPMC shares in PCD Nominee Corp., which held 78.962 billion shares, or 39.481 percent, for Filipinos, and 5.945 billion shares, or 2.972 percent, for foreigners.
Consolidated Robina Capital Corp. and JG Summit Holdings Inc., which belong to the Gokongwei group, owned as of filing, more than 37.051 billion shares, or 18.526 percent, and 1.756 billion shares, or 0.878 percent.
R. Coyiuto Securities Inc. and Prudential Guarantee & Assurance held 24.141 billion OPMC shares, or 12.071 percent, and 13.341 billion shares, or 6.671 percent. Coyiuto owns both companies.
F&J Prince Holdings Inc., which is also a listed company like OPMC, owned 1.261 billion OPMC shares, or 0.63 percent.
Two other corporate stockholders own a combined 2.241 billion OPMC shares, or 1.121 percent. These are Philippine Overseas Telecommunications Corp. with more than 1.129 billion shares, or 0.565 percent, and Philippine Satellite Corp. with 1.111 billion shares, or 0.556 percent.
As OPMC president and COO, Coyiuto directly owned 565.665 million OPMC shares, or 0.283 percent. At the stock’s closing price of P0.013 on September 7, his direct holdings had market value of P7.354 million, which placed him ahead by P1.697 million, computed at his subscription payment of P5.657 million.
Go is chairman of the board and chief executive officer of Oriental Petroleum, while elder brother businessman John Gokongwei Jr. is a member of OPMC’s 10-person board. Coyiuto is president and chief operating officer.
A public ownership report (POR) as of July 12 showed Oriental Petroleum’s capital stock is divided into A shares (120 billion, or 60 percent), and B shares (80 billion, or 40 percent).
As of the date of filing, Go directly owned 339 million OPMC A shares. Coyiuto directly held 565.665 million shares, divided into 423.977 million A shares and 141.688 million B shares.
The POR credited Gokongwei, the family patriarch, with 107,001 shares. This was topped by additional OPMC shares, directly owned by Perry L. Pe, his son-in-law.
As a group, the 10 members of OPMC’s board held 905.496 million shares, equivalent to 0.45 percent, while the executives owned 2.418 million shares.
Oriental Petroleum did not have any principal stockholder listed on the POR. Instead, it named four corporate stockholders and identified them as affiliates with holdings of 79.290 billion OPMC shares, or 38.145 percent.
Two of OPMC’s corporate stockholders belong to the Gokongwei group and the other two to Coyiuto.
With Oriental Petroleum’s 77.198 billion OPMC shares, or 38.599 percent, classified as non-public, the company’s public stockholders must be the majority stockholders with 122.802 billion, or 61.401 percent. More on that on Friday.
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