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| source: http://www.pse.com.ph/html/ListedCompanies/pdf/2011/MRC_Top100_Jun2011.pdf |
I know this is weird.
This name has always been appearing in the various top 100 stockholder list of most Philippine listed corporation. I was just checking some financial reports of listed companies and one of them is MRC Allied Corporation(MRC) which as of last reporting about 98% of its outstanding shares are held by PCD Nominee Corporation. That makes MRC wholly owned by PCD Nominee Corporation.
So who or what is PCD Nominee Corporation?
I tried searching the web and Wikipedia.org gave me an answer.
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.
Basically PCD Nominee Corporation holds all shares of stock traded in the Philippine Stock Exchange for all investors thus PCD Nominee becomes a trustee of all the shares for the investors thus leading to a paperless transaction.
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