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Family
affair.
Washington Z. Sycip, now 85 years old, only left SGV and
Co., which he co-founded in 1946 but did not retire.
Since 1997, he has been a director MacroAsia Corp.,
which belongs to the Lucio Tan group of companies, and
chairman of Lufthansa Technik Philippines Inc.
His son
George, 50 years old, came onboard earlier in 1996. He
is also chairman of a MacroAsia unit, MacroAsia-Eurest
Catering Services Inc.
As
outsiders, father and son are probably the biggest
stockholders outside the Tan group. The father owns
41,545,250 MacroAsia shares, or 3.32 percent, and the
son has 10,862,798 shares, or one percent. At P4.15 per
share, the father’s holdings have market value of
P172,412,787.50 and the son’s P45,080,611.70.
MacroAsia also disclosed the other “family relations” in
its board. It said in a filing that “Lucio K. Tan Jr.,
director, is the brother-in-law of Joseph T. Chua,
president and chief executive officer and the nephew of
Mariano Tanenglian, director of MAC.” MAC is the market
symbol of MacroAsia.
*
Equity update. Ayala Corp. grossed P291 million from
the sale of 16.5 million shares in Ayala Land Inc. on
April 16-18, 2007. The sale reduced AC’s holdings in its
property unit to 5,944,841,262 shares, or 54.73 percent,
from 5,961,341,262 shares, or 54.88 percent. The listed
holding company controlled by the Zobel family reported
that of its total stake, it directly owned 5,920,108,214
as of April 4, 2007, while 24,733,048 shares are lodged
with PCD Nominee Corp.
*
Buyback. Prime Gaming Philippines Inc. has allocated
P500 million for its one-year share buyback program. It
did not disclosure the reacquisition price per share but
told the Philippine Stock Exchange that the buyback will
be undertaken “under such terms and conditions” to be
decided by its senior management. It also said the
buyback program is intended to “enhance the shareholder
value for long-term investors.”
Last
year, Prime Gaming bought back 2.5 million shares at P25
each. As of March 31, 2007, PGPI had 35,938,844 treasury
shares valued at P731,751,881, or P20.361 per share.
Prime
Gaming paid P33,432,378 for 1.892 million shares it
bought back in October 2001; P100,786,342 for 5 million
shares in October 2002; and P110,877,352 for P5.5
million shares in December 2003.
* Pay
and perks 1. Philippine Long Distance Telephone Co.
(PLDT) paid its chief executive officer, key officers
and all other officers and directors P478.6 million
(salary, P211.5 million; bonus, P54 million; others,
P213.1 million) in 2006 topping its estimate of P430
million. This year, the company estimated the group will
receive P499.8 million (salary, P242.4 million; bonus,
P70.9 million; others, P186.5 million).
In a
filing, PLDT said its chief executive officer and other
key officers received P263.2 million (salary, P123.3
million; bonus, P31 million; others, P108.9 million), in
2006, or 54.993 percent of the year’s total executive
compensation. This year, the group will get P267.1
million (salary, P137.5 million; bonus, P39.1 million;
others, P90.5 million), or 53.441 percent of total for
the year.
PLDT
said the annual compensation package includes a
director’s fee of P125,00 per board meeting attended and
P50,000 fee per committee meeting attended. It also
grants its executives options to buy shares at
discounted price of P814 per share. PLDT closed
yesterday at P2,570.
* Pay
and perks 2. The chairman and CEO, the president and
COO and seven other senior executive officers of Manila
Electric Co. received P91,310,360.66 (salary,
P77,190,327.79; others, P14,120,032.87) in 2006, up
27.207 percent, from P71,780,789.60 (salary,
P62,132,791.80; others, P9,647,997.80) in 2005. All
other officers and directors got P158,038,157.19
(salary, P127,125,566.63; others, P30,912,590.56), up
43.696 percent from P109,980,636.55 (salary,
P95,859,424.11; others, P14,121,212.44) in 2005. |
