Daily digest 23:10:15

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PCD Nominee Corporation - Academic … Jun 6th 2020, 23:10 PCD Nominee Corporation (PCNC) is a wholly owned subsidiary of the Philippine Central Depository, a corporation established to improve operations in securities transactions and to provide a fast, safe and highly efficient system for securities settlement in the Philippines. PCNC acts as trustee-nominee for all shares lodged in the PCD system, where trades effected on the Philippine Stock Exchange are finally settled with the PCD. Persons who opt to trade using the PCD do not receive stock certificates as an indicator of ownership as trading using the PCD is completely paperless. PCNC serves as one of the largest shareholders, if not the largest shareholder, in many Philippine corporations. For example, PCNC is the second largest shareholder in Banco de Oro, the Philippines' largest bank, with the corporation owning approximately 25% of BDO stock, below SM Investments Corporation, which owns approximately 29% of BDO as of March 31, 2009. However, while it may appear that PCNC is the actual shareholder in the said company, shares held by PCNC do not grant voting powers to it as beneficial ownership of the shares still remain with the lodging stockholder. By policy, PCNC does not vote the shares it was entrusted with in its name. Additionally, PCNC is owner of 49% of IPVG Corporation, a major technology company in the Philippines. Let's block ads! (Why?)

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