CONJUANGCO-LED Central Azucarera de Tarlac Inc. has acquired Agrikulto Inc. for P65.6 million to expand its inventory of sugar farmlands and raise its milling input.
In a disclosure to the Philippine Stock Exchange, Central Azucarera said its board of directors approved the acquisition of 100 percent of Agrikulto, which entails 50,000 common shares at P1,311.99 per share.
CAT bought Agrikulto from North Star Estate Holdings Inc., which is chaired and presided by Fernando Cojuangco, who is also the president and chief operating officer of Central Azucarera.
“The purpose of acquiring Agrikulto Inc. is to ensure and increase the cane supply to be milled by Central Azucarera,” the disclosure read.
Agrikulto is a Filipino company engaged in sugarcane farming on leased agriculture land.
Central Azucarera primarily operates as sugar mill and refinery. It also has a distillery and carbon dioxide plants in Barrio San Miguel, Tarlac City.
The company’s board of directors is headed by Jose “Peping” Cojuangco Jr., an uncle of President Benigno Aquino 3rd.