Actress-turned director. Kristina Bernadette C. Aquino has just become a director not of movies, but as a member of the board. She is one of two new comers in the eight-man board of the family-owned Central Azucarera de Tarlac (CAT). To the public and her fans, Kristina is simply Kris Aquino, who is the daughter of the late President Corazon C. Aquino and the late Sen. Benigno S. Aquino Jr., and a sister of President Benigno Simeon Cojuangco Aquino 3rd.
As a newcomer, Kristina joined in the CAT board her uncle Jose Cojuangco Jr., a director since 1975; and her cousins Jose Manuel Lopa, a director since 2002; Fernando Cojuangco, a director since 2012; and Ma. Therese Reyes McMurray, a director since 2012. Ernesto Teopaco, a member of the board since 1986, and vice president of the company, is the brother-in-law of Cojuangco.
Renato Padilla, a director since 2010 and Benjamin Espiritu, the other new face in the board, are CAT’s independent directors.
Kristina Bernadette Cruz? Who are Kristina Bernadette C. Aquino, who was recently elected member of the board of Central Azucarera de Tarlac, and Kristina Bernadette Cruz, who owns 294,784 CAT shares, or 1.04 percent, but have long been held in trust for (ITF) Kristina Bernadette Cruz by Maria Elena Aquino Cruz?
Are the two Kristinas none other than Kris Aquino the actress? If so, then something has long been wrong and misleading in the ownership filing submitted by CAT to the Philippine Stock Exchange, and the Securities and Exchange Commission.
What Due Diligencer has been taught a long time ago was that someone holds something in trust for someone who is not yet of legal age to be listed in a public document.
In the case of CAT’s regulatory filing, the two Kristinas could be Kris, who is now old enough to be listed as the direct owner of 294,784 CAT shares. It’s time for her to assert her right.
At P12.52 CAT’s close on Friday, Kris the actress-turned-director could add P3.691 million to her personal wealth.
CAT’s huge loss. Central Azucarera de Tarlac reported net loss of P175.5 million in fiscal year 2012 ending June 30, despite net profits of P154.83 million in 2011 and P10.84 million in 2010.
The company reported huge loss in 2012 despite revenues of P967.48 million during the year, a big drop from P1.1 billion in 2011. In 2010, its revenues amounted to P880.71 million.
As a result of its loss in 2012, CAT reported P6.21-loss per share. In 2012 and 2011, it reported earnings per share (EPS) of P5.48 and P0.38, respectively. The company’s EPS is computed based on outstanding shares or 28.25 million.
Is Cruz Kristina’s married name? Definitely not, because she was once married to James Yap.
A coincidence? Is the election of Kristina Bernadette C. Aquino to the board of Central Azucarera de Tarlac intended to forewarn businessman Manuel Pangilinan of the First Pacific group of Hong Kong, that the he would find his match in Kris the actress when he makes his intention to either buy CAT or simply buy into it?
What a coincidence! MVP, as Mr. Pangilinan is more popularly known to the public and the stock market, owns Channel 5 while Kris has long been associated with ABS-CBN Broadcasting Corp. , the broadcast group owned by the Lopezes.
With due apology to Rey Enano, business editor of Manila Standard Today, who wrote about MVP’s interest in the Cojuangcos’ sugar central, Due Diligencer is only speculating on the Cojuangcos’ purpose in taking in Kris to CAT board, a new responsibility for Kris the actress who would be moving from acting to the real and challenging world of business.
In short, Kris the entertainer is going corporate, that would result—probably—in the war between Channel 5 and Channel 2.