In case you’re interested what some Pinoy tycoons have been up to lately, read this.
“Businessman Peping Cojuangco has officially stepped down as chairman and president of Central Azucarera de Tarlac, after 38 years at the helm,” reports Warren de Guzman on ABS-CBNnews.com.
Cojuangco, the uncle of President Noynoy Aquino, stepped down “after the Cojuangco, Aquino, Lopa, Reyes, and Teopaco families sold their shares in the company for a total of PHP1.8 billion in a deal announced in July.”
The report noted: “Central Azucarera produces raw and refined sugar, molasses and alcohol. The sugar cane is sourced from Tarlac and Pampanga. The controversial Hacienda Luisita, a sugar plantation, is also controlled by the Cojuangco family, but it is a separate entity from the Azucarera.”
So who bought the Azucarera? Well, there are actually two buyers: “Fernando C. Cojuangco, a first cousin of President Aquino, and businessman Martin P. Lorenzo, who recently sold his Pancake House business to the Max’s Group of restaurants for PHP3.9 billion.”
The report explained that “Lorenzo takes over as chairman and chief executive while Fernando Cojuangco stays on as chief operating officer and takes over as president.”
Photo: ANC video screengrab
