Record of the Senate - Integrated Bar of the Philippines

32 TUESDAY, MAY 8, 2012Mr. Bisnar. Twenty-eight thousand pesos po.The Presiding Officer. Ano ang par value ng shares?Mr. Bisnar. Ako po, hindi ko alam po.The Presiding Officer. Does the Counsel know the par value of the shares?Mr. Roy. I am sorry, Your Honor, I have—actually I havethe Articles of Incorporation here but I am not sure whether it is stated, Mr. President.The Presiding Officer. Ten pesos, P100?Mr. Roy. One hundred pesos each, Mr. President.The Presiding Officer. So, you are talking here of 4,839 shares. That means, you have P483,900worth of shares at par value.Mr. Roy. Yes, Your Honor.The Presiding Officer. And given the value of the property at that time of the sale which was soldat P34,700,000, the fair market value of the share is a lot, lot, lot, lot more than the par value.Mr. Roy. That appears to be the case, Your Honor. Although may I point out that ...The Presiding Officer. We just establish that as a fact.Mr. Roy. Yes, Your Honor.Well, Your Honor, I am sorry but the—Well, that is the par value. The shares were merelysubscribed, I think, at that time. So...The Presiding Officer. Nevertheless—Mr. Roy. Yes, Your Honor. With respect to the property...The Presiding Officer. —the value behind those shares is, at least, P34.7 million, huh?Mr. Roy. Insofar as the property is concerned, Your Honor, yes.If I may proceed, Mr. President?The Presiding Officer. Go ahead.Mr. Roy. So, Mr. Witness, sabi niyo po na nag-bid nga po ng P28,000. Ano po ang ginawaniyo?Mr. Bisnar. Noong nag-bid po ng P28,000 at wala naman pong ibang bidders na, in-awardna ho sa kanya iyong shares of stocks na ano...Mr. Roy. Kanino po? Sino po siya?Mr. Bisnar. Carla Castillo po.Mr. Roy. In-award niyo po iyong shares of stock na in-auction?Mr. Bisnar. Opo, bale ho siya ang nanalo.