Quasi-reorg. Southeast Asia Cement Holdings Inc. (Seacem) is undergoing quasi-reorganization, which is intended to wipe out its deficit or accumulated losses that had ballooned to P5.469 billion as of the latest filing dated October 30, 2009. Quasi-reorganization involves the application of a company’s additional paid-in capital and/or the resulting surplus from the reduction of par value.

In the case of Seacem, it had P1.404 billion in additional paid-in capital. On the other hand, the company has authorized capital stock consisting of 7.3 billion shares, or P7.3 billion. Of the 7.3 billion shares, about 6.45 billion shares, or P6.45 billion, are issued and outstanding. With reduced par value of P0.35, Seacem would have authorized capital of P2.555 billion (7.3 billion shares multiplied by P0.35) of which P2.257 billion would be paid up. This would give Seacem a reduction surplus of P4.193 billion (P6.45 billion minus P2.257 billion). Adding the additional paid-in capital of P1.404 bill and P4.192 billion equals P5.596 billion which, when applied to Seacem’s P5.469-billion deficit, would leave the company with a surplus of P127.171 million. Seacem said it will submit the quasi-reorganization for approval by its stockholders in a special meeting on December 15, 2009.

Stockholders. Calumboyan Holdings Inc. controls 3.419 billion shares, or 53.01 percent, in Seacem. Lafarge Holdings (Philippines) Inc., formerly Blue Circle (Phils.) Inc., owns 1.875 billion Seacem shares, or 29.07 percent. PCD Nominee Corp. holds for beneficial stockholders 732.333 million Seacem shares, or 11.35 percent. Filings shows Seacem stockholders had not received dividends over the years because of their company’s accumulated losses, which could have been bigger had it not been for the profitability of Republic Cement Corp. Seacem reported a net income of P742.203 million in 2008; P416.325 million in 2007; and P659.115 million in 2006. But all these profits represent its “equity in net income of an associate”—Republic Cement—which amounted to P752.203 million in 2008; P429.755 million in 2007; and P703.116 million in 2006. Seacem owns 1.548 billion shares, or 26.59 percent, in Republic Cement.

Ownership profile. SM Investments Inc. (SMIC), the listed flagship of the group of companies controlled by tycoon Henry Sy Sr. and his family, told regulators in a filing that they control 468.498 million SMIC shares, or 76.67 percent while the public own 120.788 million SMIC shares, or 23.326 percent. As a public company, SMIC said it also has foreign stockholders who own 105.883 million shares, or 17.33 percent. Being a retail enterprise, foreign ownership in SMIC is limited to 40 percent of outstanding shares. As of September 30, Sy Sr. is the company’s single biggest individual stockholder with direct holdings of 100.295 million shares, or 16.414 percent, and PCD-held 6.463 million shares, or 1.058 percent for total stake of 106.758 million shares, or 22.877 percent. The other significant stockholders of the company include Felicidad T. Sy, 62.918 million shares, or 10.30 percent; Teresita, 57.161 million shares, or 9.355 percent; Henry Jr., 60.179 million shares, or 9.849 percent; Harley, 60.603 million shares, or 9.918 percent; Hans, 60.186 million shares, or 9.85 percent; Herbert, 60.179 million shares, or 9.849 percent; and Elizabeth, 417,3227 shares, or .0.0693 percent.

Ownership profile 2. The government owns 1.184 billion shares, or 24.291 percent, in Philex Mining Corp. computed on outstanding shares of 4.874 billion shares. Its holdings in the mining company are held by the Social Security System (SSS) with 1.119 billion shares, or 22.967 percent; Government Service Insurance System, 60.254 million shares, or 1.236 percent; and while Landbank Corp., 4.972 million shares. As of April 30, 2009, SSS owned 808.378 million Philex shares, or 20.68 percent, of which 422.145 million shares are held by PCD Nominee Corp. as record stockholder. Of PCD-held 2.285 billion Philex shares, or 58.82 percent, Asia ink B.B., owns 818.621 million shares, or 21.07 percent; HSBC Corp., 272.085 million shares, or 7 percent. In the same list of stockholders as of April 30, 2009, Philex also reported that Roberto V. Ongpin, one of the market’s biggest investors, directly owns 130 Philex shares and 214.874 million shares indirectly, which are held by his corporate. As of September 30, Boerstar Corp. which, as of September 30, holds 175.086 million shares, or 3.593 percent, Golden Media Corp., 27.257 million shares; and Elkhound Resources Inc., 66.25 million shares. (These shares may not add up to 214.874 million shares because of the different cutoff dates.)