By Emeterio SD. Perez January 29, 2021
Basic Energy Corp. (BSC) has 2,797,392,714 outstanding common shares with a par value of P0.25. Of the outstanding, 2,708,500,714 are listed on the Philippine Stock Exchange (PSE). Its website showed a free-float level of 86.17 percent.
Basic Energy has an 11-man board, with Oscar de Venecia as chairman. He owns 13.11 million common shares, or 0.47 percent of the outstanding, according to a public ownership report (POR). Other board directors and their shareholdings are Francis Chua, with 13,000,002 common shares, or 0.46 percent; Ramon Mapa, 3,268,635 or 0.12 percent; Oscar de Venecia Jr., 9,541,334 or 0.34 percent; Ma. Florina Chan, 13.1 million or 0.47 percent; Isidoro Tan, 37.035 million or 1.35 percent; Jaime Martinez, 15.035 million or 0.53 percent; Harvey Lawrence N. DyChiao, 10,000; Eduardo V. Manalac, 8.01 million; and Spinarin Pouldpongpaiboon, 10,000.
The POR also listed 18 principal/substantial stockholders as holders of 256,754,891 Basic Energy common shares, or 9.15 percent. It attributed the ownership of 2,410,565,915 common shares, or 86.17 percent, to public stockholders.
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In a letter dated Nov. 24, 2020, Basic Energy informed Capital Markets Integrity Corp. (CMIC) of its violation of the rules on full disclosure. “This is with reference to your letter dated today on your observed unusual price movement in the trading of our company shares from P0.242 to P0.36,” said the letter, which was signed by corporate secretary Angel Gahol.
“Our company has no knowledge or information that would cause an unusual price movement on BSC shares, other than the 2020 GIS (general information sheet) and the draft of the minutes of the annual stockholders’ meeting held last Oct. 23, 2020 that was submitted to SEC (Securities and Exchange Commission) and PSE last Nov. 23, 2020 in compliance with SEC and PDE rules,” it added.
“We hope you find our explanation in order and in conformity with CMIC rules.”
By the way, Oscar Jr., also the
company’s president and chief operating officer (COO), is one of the four
highest paid executives. The others are Corazon Bejasa, vice president and
corporate secretary; Alberto Morillo, vice president for operations; and Alain
Pangan, vice president for finance. In 2018, they were paid P1,878,646 in
salaries and P141,100 in bonuses. In 2019, they were paid P1,703,087 in
salaries and P221,817 in bonuses. And in 2020, they are estimated to receive
P6,119,061 in salaries and P509,922 in bonuses.
All other officers as a group unnamed were paid as follows: P1,878,646 in
salaries and P141,100 in bonuses in 2018; and P1,703,087 in salaries and
P221,817 in bonuses in 2019. In 2020, the company projected them to be paid
P1,508,908 in salaries and P129,909 in bonuses.
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In its 2020 GIS, Basic Energy reported 2,815,392,714 outstanding common shares out of its 10 billion authorized capital stock (ACS) with a par value of P0.25. It listed 6,557 stockholders owning the outstanding. Of these stockholders, 6,340 Filipinos hold 2,468,667,754 common shares, or 87.685 percent, while foreigners owned 346,724,960 or 12.315 percent.
In the same GIS, Basic Energy said 6,357 Filipinos subscribed to 4,313,542,754 common shares, but in the 2018 sheet, it listed 6,369 Filipinos as subscribing to 4,304,625,666. The subscriptions and paid-up of 218 foreigners remained at 248,750,048.
Of the outstanding, PCD Nominee Corp. held 2,140,850,869 common shares, or 76.041 percent, for Filipinos; and 235,431,019, or 8.362 percent, for non-Filipinos.
Other stockholders are Meta Corporation Public Co. Ltd. of Thailand, which owns 106.892 million common shares, or 13.109 percent; Christdel Phils. Inc., 25,736,744 or 0.914 percent; Isidoro Tan, 24,822,276 or 0.882 percent; and Phases Realtors Inc., 20,989,439 or 0.746 percent.
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In a disclosure, Basic Energy said it signed on Dec. 18, 2020 a memorandum of agreement with MAP 2000 Development Corp. (M2DC) “for the acquisition of at least 67 percent of the outstanding capital stock of the company, subject to compliance by the company.” It added that “the shares to be acquired by M2DC will be 9,827,990,853 primary shares to be subscribed and issued out of the increase in the authorized capital stock of the company from P2.5 billion to P5 billion.”
Basic Energy described M2DC as “a Philippine-registered company engaged in real estate acquisition, development and management.”
Basic Energy shares peaked at a 30-day high of P0.56 on Dec. 17, 2020 when they opened at P0.440; dropped to P0.435; and closed at P0.465. They fell to a 30-day low of P0.201 on November 19, when they opened at P0.210; hit a session high of P0.212; and closed at a session high of P0.212.
Why does Basic Energy have BSC as its acronym? Just asking.
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