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His casino-hotel complex by the Mall of Asia is still basically a shell, but already the market has added a whopping P75 billion to the paper fortunes of container terminal tycoon Enrique Razon Jr.
Razon owns 80 percent of Bloomberry Resorts, which on Friday closed with a total market capitalization of P94 billion. That's nearly two-thirds the market cap of P149.5 billion for Razon's flagship, the International Container Terminal Services Inc., which operates 22 ports in 17 countries.
"Investors are excited about the prospects of the Asian gaming industry given what has happened in Macau and Singapore," Razon said, referring to the toppling of Las Vegas by the two regional cities as the world's premiere gaming destination.
The exuberance on Bloomberry is all the more remarkable given that its market size has already reached three-fourths that of Alliance Global, the holding company of taipan Andrew Tan that not only operates the Resorts World hotel-casino complex but also counts on Megaworld and the local McDonald's as subsidiaries.
Alliance Global's market cap as of June 1? P128 billion.
Following its P8.8 billion equity fund-raising last month, Bloomberry is also calling for a special stockholders' meeting on June 25 to approve a stock incentive plan allotting seven percent of the total outstanding, mainly treasury, shares of the company to be distributed among a number of officers.
Del Monte's disclosure dance
Squeaky-clean Singapore apparently has fuzzier disclosure standards than the Philippines, as far as executive compensation for listed companies is concerned.
Unlike the local stock exchange that identifies all the senior officers and their combined compensation, the Singaporean market authority allows the non-naming of executives.
On top of that, the Singapore Exchange shields the salaries of senior management from prying eyes by allowing them to categorize under indefinite boundaries on remuneration bands.
Take, for example, the case of Del Monte Pacific, the Filipino food conglomerate controlled by Unilab heir Joselito Campos Jr. that is listed in the Lion City.
For 2009, chief operating officer Luis "Cito" Alejandro was disclosed to have received "S$1,250,000 to below S$1,500,000" in total compensation for that year.
The following year, Alejandro's name completely disappeared.
What's more, Del Monte was allowed to identify "1" unnamed highest-paid executive - who could that be? - whose 2010 compensation was "above S$500,000."
The same shield was extended to Campos.
As executive director, Alejandro's boss was reported to have received "S$750,000 to below S$1,000,000" remuneration for 2009.
By 2011, Del Monte was only reporting that Campos received "above S$500,000."
"The board is of the opinion that given the confidentiality of, and commercial sensitivity attached to, remuneration matters, the top 5 key executives have not been disclosed," Del Monte said by way of explanation.
Heard through the grapevine
TV5 chairman Manuel V. Pangilinan should easily be the highest-paid Filipino executive in the country and even the region, given that his 2011 compensation in Hong Kong alone as the chief executive for the First Pacific Company Ltd already amounted to over HK$6.8 million (P38 million).
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