Ahhhh, to be rich. (Can you do the math?)
“The Cojuangcos are selling their sugar milling business to one cousin and former Pancake House owner Martin Lorenzo,” reports ABS-CBNnews.com.
The report said that “in a disclosure to the stock exchange, Central de Azucarera says six Cojuangco families agreed to sell to Lorenzo and Fernando Cojuangco, currently the COO, a total of 19 million shares at PHP91 per share.”
The report pointed out: “That’s roughly 70 percent of the company.” According to our calculations, it’s also roughly PHP1.7 billion. (Correct us if we’re wrong.)
As such, the report added that “the group is conducting a tender offer for the remaining 30% as required by law.”
In case you didn’t know, the Cojuangcos count President Noynoy Aquino as a relative.
Screengrab from an ANC video
