In an interview, Teresita T. Sy gave this assurance amidst the nearly controlling stake of her father and several holding companies of the Sy family in China Bank.
Sy-Coson stressed that the 49.28 percent combined interest of her father and Sy-controlled firms will remain, purely, as an investment.
"China Bank will continue to exist as itself. It will remain as it is," said Sy-Coson.
To date, she disclosed that the China Bank investments "have given us good return and good dividends."
As of September 30, 2005, Sysmart Corporation, a sister-company of BDO, holds 7.562 million shares, roughly equivalent to 20.69 percent interest in China Bank.
SM Investments Corporation, another firm controlled by the Sy family, owns about 16.23 percent stake while Shoe Mart, Inc. controls 6.38 percent.
The retail tycoon, himself, controls 5.53 percent with SM Development Corporation holding 164, 456 shares, equivalent to 0.45 percent stake, bringing to 49.28 percent total exposure in China Bank, short by close to two percent before the Sy family gets majority control.
For its 49.28 percent stake, the Sy family gets four of the 11-board seats of China Bank, represented by Hans T, Sy, vice chair; Herbert T. Sy; Henry T. Sy, Jr; and Harley T. Sy.
A shareholder needs about 3.32 million shares to qualify for a board seat.
The Sy family’s interest in China Bank has, in fact, gone down, an indication of the tycoon’s non-interest to merge the institution with his BDO. Sometime in April this year, the total shareholdings of Sy plus his four other companies stood at 69.501 percent.
Based on Philippine Stock Exchange records, the Sy family’s aggregate shareholdings in China Bank went up to as much as 52.753 percent sometime in March of this year.
The older Sy has been purchasing China Bank shares from the bourse at a price of P680, the highest ever recorded since the bank was listed in December 1965.
