As of June 30, 2014, the four top stockholders of Central Azucarera de Tarlac (CAT) were Jose Cojuangco & Sons Inc. with 7.8 million shares or 27.8 percent; Luisita Trust Fund Inc., 4.7 million shares or 16.7 percent; Tarlac Distillery Corp., 1.6 million shares or 5.6 percent; and Luisita Marketing Corp., 1.3 million shares or 4.6 percent.
With the CAT shares held by these corporate stockholders and the individual holdings of family members, the Cojuangco clan, including the Lopas and Aquinos, were the majority stockholders of the Tarlac sugar central.
Missing from the list of top 100 CAT stockholders, who own a total of 27.4 million shares, are the unidentified owners of 860,552 shares equivalent to 3 percent.
PCD Nominee Corp. held 1.9 million CAT shares or 6.7 percent for other investors such as Strategic Equities Corp. and Deutsche Partners Inc., which hold 2.3 percent and 1 percent, respectively.
Manuel Dimaculangan, a close friend of President Benigno Simeon Aquino 3rd, used to own exactly the same number of CAT shares held by Deutsche Regis Partners. His name has not appeared on the list of CAT owners after Deutsche Regis Partners became a stockholder.
CAT Resources & Asset Holdings Corp. is the new majority stockholder of Central Azucarera de Tarlac after buying out the Cojuangco clan, including the Lopas and the Aquinos.
In a report posted on the website of the Philippine Stock Exchange, CAT Resources said it acquired a total of 21.1 million CAT shares, including 1.3 million shares held by other stockholders. Computed at P91 per share, the company spent P2 billion in having a new subsidiary.
With its acquisition of 21.1 million CAT shares or 74.7 percent of the sugar estate, CAT Resources, which listed as its stockholders Fernando Cojuangco and Martin Lorenzo, took over the company from the Cojuangcos, who grossed P1.8 billion from the sale of 19.8 million CAT shares.
CAT Resources had intended to buy CAT’s outstanding 28.2 million common shares at P91 per share, for which it would have spent P2.6 billion. After buying out the majority stockholders and the corporate stockholders, it still wanted to acquire the remaining 8.5 million shares, or 30 percent, of CAT.
But CAT Resources’ P91-per-share offer attracted only the holders of 1.3 million shares out of 8.5 million shares, boosting its holdings in CAT to 21.1 million shares. This left the public still owning 7.1 million shares or 25.3 percent of the sugar estate, still a significant minority to contend with if Lorenzo and Cojuangco are planning to take CAT private again.
CAT Resources’ final tender report showed that Deutsche Regis Partners acted as both “customer” and “designated broker” in selling 301,792 CAT shares at P91 per share, from which it grossed P27.5 million.
What a coincidence! A few years ago, Dimaculangan was reported as the buyer of the president’s CAT shares which, incidentally, also totaled 301,792 shares.
The list of top 100 stockholders of Central Azucarera de Tarlac was posted on October 15, 2014. CAT Resources filed its amended tender report a day after, a few hours after the new majority stockholders elected at 8:03 a.m. their nominees to the eight-man board following the resignation of CAT chairman Jose Cojuangco and his fellow directors.
But here is the big puzzle in the ownership CAT shares. As of September 30, 2014, PCD Nominee Corp. has increased the number of CAT shares it is holding for various stockholders to 21.2 million, or 75.1 percent. Three months before, or as of June 30, PCD held only 1.9 million shares, or 6.7 percent.
As of Sept. 30, 2014, Luisita Trust Fund and Tarlac Distillery Corp. still owned 4.7 million shares, or 16.7 percent, and 744,636 shares, or 2.6 percent, respectively. The Cojuangcos, the Lopas and the Aquinos had all vanished from the latest list.
If Manuel Dimaculangan did buy 301,792 shares years ago from Aquino the Son who is his best friend, where are these shares now? When Deutsche Regis Partners appeared as owner of the same number of shares, suddenly Dimaculangan disappeared from the list of CAT stockholders.
Was it only a coincidence that the stockbroker and Dimaculangan owned the same number of shares?
With Deutsche Regis Partners selling the same number of shares with itself as both “customer” and “designated broker,” did it cease to be a CAT stockholder?
CAT’s filing showed Deutsche Regis Partners did not disappear from the roster of top 100 stockholders. When it sold 301,792 shares to CAT Resources, it even increased its holdings. As of September 30, 2014, it owned two blocks of CAT shares totaling 17.4 million or 61.5 percent – one block of10 million shares or 35.6 percent, and another block of 7.3 million shares or 25.9 percent.
Apparently, CAT Resources, CAT’s new majority stockholder, entrusted to Deutsche Regis Partners the CAT shares that it had bought from the Cojuangcos, Lopas and Aquinos.