CBMPC as Stockholder and Broker of LSERV Shares

The Annual Stockholders’ Meeting (ASM) of LSERV Corporation (formerly LBP Service Corporation) was held via video conference on June 21, 2023. CBMPC holds 600 shares of stocks in LSERV and acts as broker for its members who want to buy or sell LSERV stocks. Director Edgar Frederick Generoso was the authorized representative of CBMPC to attend the ASM. Chairman Rogelio Decal as well as Directors Noemi dela Paz and Estela Correa, were among the participating stockholders during the said online activity.

LSERV is a leading service contractor in the Philippines and is among the top 600 corporations published by the Business World. With a manpower pool of about 16,000 skilled workers and personnel, LSERV provides technical craftsmanship, facilities maintenance, as well as administrative and consulting services for private companies, including multinationals, and government agencies which contributed some 80% of the service income generated by the corporation. LSERV has been conferred the Best Employer Brand Award for 2023 by the Advantage Club. It targets to receive an ISO-certification not later than early next year.

As of December 31, 2022, LSERV’s Total Assets grew to P2.31 Billion or an increase of P0.07 Billion or 3.12% from the end of 2021 level of P2.24 Billion. It realized a Net Income of P172.13 Million in 2022 which is P4.93 Million or 2.78% lower compared to P177.06 Million of the previous year due the Covid 19 pandemic that has still affected the business operations of LSERV. In spite of this, LSERV continuously paid dividends to its shareholders and for 2022, dividends declared amounted to P127.84 Million or at P720 per share, same as in 2021.

The election of LSERV directors was conducted using electronic ballots, with June 14, 2023 as the deadline for accomplishing these ballots. The following were elected as Regular Directors: Jesli A. Lapus, Joseph V. Angeles, Virginia C. Limbo, Nanette J. Lati, Joselito B. Vallada, Emelyn M. Justiniano, and Lydia Fernandez. Elected as Independent Directors were Richard K. Teh and Florence M. Carandang.

As announced by President Joseph Angeles during the ASM, the book value of LSERV shares is at P9,026.32 per share. This value shall be the basis of CBMPC in handling the trading of LSERV shares.

The meeting was conducted smoothly and done in less than 30 minutes.

Thus, given the LSERV industry ranking, profitable business, yearly dividend payment and continual improvement as demonstrated in its goal to be ISO- certified, acquiring LSERV shares is another investment instrument for our members who have excess funds. The coop members shall have priority in buying the LSERV shares available for trading from those members who intend to liquidate their shares. For non-members who may be interested to buy LSERV shares, we are inviting them to apply for membership in CBMPC. They may get in touch with GM Lydia de Asis at telephone number 09322028150. As we write this, there are already interested buyers for some 114 shares.

As the broker, the coop handles all the activities related to the eventual transfer and issuance of LSERV stock certificates in the name of the new stockholders. As recently approved by the CBMPC Board, the coop charges 3% broker’s fee based on the selling price (book value per share), the payment of which is equally shared by the seller and the buyer.

The yearly dividends on the 600 LSERV shares under the CBMPC’s name and the generated broker’s fee will add up to the coop’s income which will redound to the benefit of the members in the form of interest on share capital.