Stonebridge Corp. chaired by Gizela Gonzalez-Montinola has acquired 250 million shares equal approximately 9 percent of sugar firm Roxas and Co. Inc. (RCI) for P500 million.
The acquisition represents a 47 percent discount to P3.75 a share, its closing price as of 6 May. Based on this, the discounted share sale netted Montinola P437.5 million in gains.
This makes the Montinola family the third largest group of shareholders at RCI after the founding Roxas-Elizalde families and solar entrepreneur Leandro Leviste.
The acquisition will allow Stonebridge to increase its presence in the real estate sector, the company told the PSE.
Montinola is the wife of Aurelio Montinola, independent director at RCI, and a member of the company’s executive committee, related party transactions committee, nomination, election and governance committee and audit and risk Committee.
The company has sold a total 767.5 million treasury shares to date as part of its fundraising program, including the sale of 75 million shares at P0.69 each on 7 March, 75 million shares at P0.65 each on 20 February and 66.9 million shares at P0.44 per share on 17 January.
RCI has P1.5 billion liabilities in excess of current assets, with the largest portion of unpaid loans due the Bank of the Philippine Islands where Aurelio Montinola is also an independent director.
