Alfredo M. Yao is the chairman of the 12-man board of Macay Holdings Inc. (MHI), according to the website of the Philippine Stock Exchange (PSE). The regular directors, led by Antonio I. Panajon, who is also MHI president, are Armando M. Yao, Jeffrey S. Yao, Carolyn S. Yao, Mary Grace S. Yao, Roberto A. Atendido, Albert S. Toribio, Gerardo T. Garcia and Rinaldi C. Aves. Jesus G. Gallegos Jr. and Roberto F. Anonas Jr. are independent directors.
According to MHI’s definitive information statement (DIS), Armando and Alfredo are brothers while Jeffrey S. Yao, Carolyn S. Yao, and Mary Grace S. Yao are the children of Alfredo. The DIS also said “all other directors and officers are not related either by consanguinity or affinity.”
Macay Holdings disclosed “substantial acquisitions,” which it amended on Sept. 24, 2020 its substantial acquisitions on Aug. 29, 2020. Apparently, the company was referring to Artemisplus Express Inc. that it bought for P2 billion in cash. (In some acquisitions, the buyer pays in stocks, instead of cash.)
The public ownership report (POR) of Macay Holdings reported that as of June 30, 2020, Mazy Capital Inc. is MHI’s majority stockholder with 905,942,329 MHI common shares or 84.795 percent of 1,068,393,223 outstanding common shares. The outstanding was lifted from the PSE website. (Mazy’s ownership increased. On Sept. 30, 2018, it was credited with 958,941,661 MHI common shares or 89.755 percent.)
Annabelle L. Chua is one of the 11 directors that compose the board of Manila Electric Co. (MER). On Sept. 30, 2020, she bought 5,000 MER common shares: 4,800 common shares at P276.20 and 200 common shares at P276.80 each. As of June 30, 2020, she owned 11,060 common shares, according to MER’s public ownership report (POR) as of June 30, 2020.
On Sept. 30, 2020, Meralco opened at P278, climbed to P278.40, dropped to P271 and closed at P271.40.
James L. Go is also a MER director, representing JG Summit Holdings Inc. (JGS) with three seats. The other JGS directors are Frederick Dy Go and Lance Y. Gokongwei. On Sept. 28, 2020, he bought 5,000 common shares in five transactions: 2,692 MER common shares at P277.60 each, 1,145 common shares at P276 each, 105 common shares at P275.80 each, 983 common shares at P275 each and 75 common shares at P274.80 each. He directly owned 184,450 common shares or 0.016 percent of 1,127,098,705 outstanding common shares as of June 30, 2020, according to Meralco’s POR.
On Sept. 28, 2020, Meralco opened at P277, hit a high of P277.60, dropped to 274 and closed at a session high of P277.60.
Elpidio L. Ibanez, also a MER director, bought on Sept. 28, 2020 the following: 2,693 MER common shares at P277.60 each, 1,145 common shares at P276 each, 105 common shares at P275.80 each, 982 common shares at P275 each and 75 common shares at P274.80 each. The five acquisitions totaled 5,000 common shares. According to the POR, he held 15,263 MER common shares as of June 30, 2020.
Meralco, which is its other corporate name known to consumers, peaked at a 30-day high of P280 on 15, 2020 when it opened at P273, dropped to P268 and closed at P278.60. It fell to a 30-day low of P259.40 on Sept. 4, 2020 when it opened at P260.80, climbed to P264 and closed at P259.60.
Why are they buying more MER common shares? Just asking.
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