Biz Buzz: Tit for tat

The tit-for-tat moves by the two opposing factions of Bacolod’s Yanson family continues, and there seems to be no end in sight.

On Wednesday, one of the firms of the largest bus transport group in the country—Rural Transit (Mindanao) Inc., or RTMI—held its annual stockholders’ meeting where matriarch Olivia Yanson, Leo Rey Yanson, Charles Dumancas, Rey Ardo, Anita Chua and Daniel Nicolas Golez were reelected as members of its board of directors.

Following the election of the directors, the board held an organizational meeting and reappointed the youngest of the Yanson siblings, Leo Rey, as chair and president of RTMI, while Olivia was reappointed corporate secretary and treasurer.

Despite the proper and timely notice given to them, stockholders Roy Yanson, Ricardo Yanson Jr., Ma. Lourdes Celina Lopez, Ma. Susan Yanson and Juan Manuel Lopez—

all from the rival family camp—were absent.

Instead, the breakaway group held their own board meeting in Cagayan de Oro City, which has been the preferred venue of late of the four siblings collectively known as the “Yanson 4” who broke away from the family in 2019, took momentary control of the bus conglomerate for a couple of months, before being ousted again in a counter coup.

In any case, Leo Rey’s camp said the Yanson 4 “are believed to be unable to attend the meeting because they are abroad, together with their sister Emily Yanson.”

The statement said the courts of Bacolod City issued outstanding warrants against the Yanson 4 siblings—Roy, Celina, Ricky and Emily—“for carnapping and for grave coercion.”

Warrants of arrest were also recently issued against Emily for the crimes of perjury and falsification of Vallacar Transit Inc.’s general information sheet. “It is the same questionable general information sheet” that is being used by [the group] to claim majority ownership of Vallacar, Leo Rey’s camp said.

Despite this, the lawyers and representatives of the Yanson 4 elected anew eldest sibling, Roy, as chair of RTMI on the same day last week. The Yanson 4 say they represent 61.17 percent of the outstanding capital stock of the corporation.

On the cases facing the Yanson 4, the group “vowed to continue court actions to unravel minority shareholders’ activities and their pretense to act on behalf of the company despite the absence of any legal basis for them to do so.”

Meanwhile, Leo Rey’s camp—which has physical possession of all the group’s firms and 4,000 buses nationwide—assured the public that despite the challenges faced in 2020, the company remains strong and resilient.

And so the war goes on.

— DAXIM L. LUCAS

Index rebalancing

The stock market is hardly interested in local blue chips these days. But for those who still care about the Philippine Stock Exchange (PSE) index, the 30-member local stock barometer will remain intact for now, based on the PSE’s regular stock performance review for the Jan. to Dec. 2020 period.

The status quo has been expected by many in the market. There will, however, be some significant changes in some index weights effective on Monday, Feb. 15.

Local stock brokerage Papa Securities noted that the significant weight changes are: upweights in SM Investments (+0.27 percent), AGI (+0.25 percent) and downweight for Security Bank (-0.12 percent). It noted that the AGI upweight, while minimal at first glance may be significant given that it’s a 37-percent increase from its initial weight of 0.67 percent to 0.92 percent. AGI’s weight is now 0.92 percent, going past Robinsons Retail, Bloomberry and Emperador in ranking.

The PSE no longer publishes the index weights as it’s now selling these as data products to subscribers. But for those trying to mimic the main ingeted dex, the top five components and their new index weights are: SM Investments (16.66 percent); SM Prime (11 percent); Ayala Land (9.33 percent), Ayala Corp. and BDO Unibank (6.05 percent).

In terms of sector indices, 10 companies will be added while seven will be removed. Among the 10 listed firms are the three companies that listed on the main board in 2019, namely Axelum Resources Corp., AllHome Corp. and Fruitas Holdings Inc.

“We are pleased that these companies were included in the indices of their respective sectors after their first review period. This is an indication that investor interest in these stocks continued even after their initial public offering,” PSE president Ramon Monzon said.

Axelum and Fruitas will become constituents of the industrial sector, together with Agrinurture Inc., Phoenix Petroleum Philippines Inc., Roxas and Co. Inc., and SFA Semicon Philippines Corp.. Meantime, Alliance Select Foods International Inc. will be excluded from the industrial sector.

AllHome, Metro Alliance Holdings & Equities Corp., and Philippine Seven Corp. will form part of the services sector, while Leisure & Resorts World Corp. will exit.

In the mining and oil sector, Lepanto Consolidated Mining Co. will come in. Belle Corp., Global-Estate Resorts Inc., 8990 Holdings Inc., Primex Corp. and Sta. Lucia Land will all be taken out of the property sector index.

There will be no change in the financials and holding firms sectors. —DORIS DUMLAO-ABADILLA

Harvard volunteer award

Carol Dominguez, president and CEO of leading human resources services firm John Clements Consultants Inc., was feted by the Harvard Alumni Association Club & Shared Interest Groups (SIG) yesterday for her “Outstanding Volunteer Leadership.” She was the first Filipino to receive from the Harvard community such an award.

The Outstanding Alumni Community Award recognizes a Harvard Club, or SIG, for

“exceptional” efforts resulting in outstanding, improved, or innovated programs in areas including; membership, technology, succession planning, community service, outreach, schools and scholarship efforts, programming, or overall general improvement.

Dominguez was cited for her “indelible” impact as copresident of Harvard Club of the Philippines and for being a “champion of inclusivity,” having driven efforts to engage alumni both locally and throughout the Filipino diaspora via an ambitious slate of programming and global outreach strategy.

She was cited for championing the perspectives of Harvard alumni throughout the Asia Pacific region. As a member of the advisory board for the inaugural Harvard Alumni Association Clubs & SIG international leadership workshop, she was cited as a key partner in piloting “dynamic and interactive” program formats to engage fellow alumni volunteers and facilitate their learnings with and from each other.

As cochair of the Clubs & SIG’s financial sustainability and partnership committee, she was credited for her contribution in mobilizing a team of “thoughtful and experienced” alumni leaders of diverse viewpoints to create resources that will serve the community.

Dominguez, who attended the Harvard Business School (HBS) Advanced Management Program (Class of 2012), was also past president of HBS Club of the Philippines and member of HBS Alumni board.

She was described as “a steadfast builder of alumni community, Carol is a dedicated and ambitious and energetic volunteer who brings out the best in everyone around her.”