The transfer of 285.49 million shares owned by businessman Reghis Romero in Harbour Centre Port Terminal Inc. to his son, Michael Romero, is “legal and valid,” court documents show.
Citing an affidavit filed by R-II Builders Inc. before the Regional Trial Court Branch 24 of Manila, Harbour Centre Port Holdings Inc. said the elder Romero through R-II Builders owned up to the transfer of the 285.49 millions shares valued at P285.49 million in HCPTI to Harbour Holdings, which is controlled by the younger Romero.
R-II Builders and Harbour Holdings signed the affidavit on March 2, 2011. “This confirms the legal position by Michael Romero that he is the majority holder of HCPTI since 2011 when his dad signed two deeds of dssignment to sell and transfer his shares to him and which were recorded in the financial statements and books of Reghis Romero’s companies, R-II Builders and R-II Holdings,” Harbour Holdings said in a statement.
The younger Romero is the president of Harbour Holdings, which controls HCPTI, the majority owner of Manila North Harbour Port Terminal Inc.
On May 6, 2015, Judge Silvino Pampilo Jr. presiding judge of the Manila Regional Trial Court Branch 26 ruled that the younger Romero’s HCPHI remained as the majority stockholder of HCPTI and its board of directors, including Romero, could still exercise authority over the port terminal.
Pampilo said younger Romero’s majority ownership of HCPTI were reflected in the 2011, 2012 and 2013 general information sheets.
The judge also ruled that “the Deeds of Assignment involving 68.11 percent share very clearly vested ownership to HCPHI [Harbour Centre Port Holdings Inc.] which controls majority of the outstanding capital stocks of HCPTI.”
The Quezon City Prosecutor’s Office declared in December that “since Harbour Holdings has not transferred its shares in HCPTI over to R-II Builders Inc. and R-II Holdings Inc., Harbour Holdings remains as a stockholder of HCPTI.”
San Miguel Corp. earlier acquired a majority stake in MNHPI after subscribing 13 million common shares of the company at a subscription price of P100.00 per share.
The subscription resulted in San Miguel Holdings Corp. owning a 43.33-percent equity interest in MNHPI. Prior to the transaction, MNHPI was 65 percent owned by HCPTI and 35 percent held San Miguel-owned Petron Corp.
With San Miguel’s acquisition of an additional 43.44 percent stake, the conglomerate as a group now controls a 78.33-percent interest in the port terminal company.
MNHPI won the 25-year contract to manage, develop and operate the 52-hectare seaport terminal.
The company earlier committed to invest P14.5 billion to develop the port facility. Aside from developing passenger port terminal with a capacity to serve two million to three passengers per year, the company plans to build a container yard.