Cojuangcos’ Central Azucarera de Tarlac seeks capital reorganization
Central Azucarera de Tarlac, a listed company controlled by relatives of President Benigno Simeon Aquino III, has proposed amendments to its by-laws that will effectively restructure its capital.
In a disclosure to the stock exchange today, Central Azucarera de Tarlac said its board of directors approved amendments to its by-laws that will increase the number of seats in its board to nine from eight, lower the par value of its shares of stock to P1 from P10, and increase the number of its shares to 400 million from 40 million.
Central Azucarera de Tarlac operates a sugar mill and refinery as well as a distillery in San Miguel, Tarlac City.
The company said the board approved the amendments in a regular meeting held on April 19, 2016.
Central Azucarera de Tarlac said the increase in the number of board seats “will ensure the existence of a well-structured and functioning board with diversified knowledge, expertise and experience.”
It added that “the increase [in] the number of shares and the decrease in the par value will allow a wider base of the public to participate, invest, and gain in the Company’s financial sustainable growth. This will increase the company’s public float and enhance the value of the shares.”
Central Azucarera de Tarlac reported a net loss of P102.6 million in the third quarter of 2015. The amendments to its by-laws will be taken up in a special shareholders’ meeting scheduled on June 15, 2016. (By:Eileen A. Mencias)