Listed companies public only in name

As of July 13, 2018, Ayala Corp. (AC) had 621.817 million outstanding common shares. As the holder of 296.626 million AC common shares, or 47.703 percent, Mermac Inc. is supposed to be the majority stockholder. The public ownership report (POR) as of said cut-off date tells a different story. Public stockholders own 321.104 million AC [...]

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