DUE DILIGENCER

IRWIN C. LEE is a director of the seven-person board of Universal Robina Corp. (URC). At the same time, he is the president and chief executive officer. On May 6, 2020, he bought 200,000 URC common shares at P133.50 per share, which he added to his only ownership of a nominal common share.

In a separate filing, URC disclosed having “reached an agreement with Roxas Holdings Inc. (RHI), together with its whollyowned subsidiaries, Central Azucarera de Tarlac and Royal Bioenergy Corp., (collectively the RHI Group) to acquire the sugar mill, bio-ethanol plant and shares held by RHI in Najalin Agri-Ventures Inc. (collectively, the ‘Assets’) of the RHI Group in La Carlota City, Negros Occidental (the ‘Proposed Sale Transaction’).

In its filing, URC said its board approved the acquisition on Mar. 10, 2020. It explained that “the acquisition by URC of the sugar milling and bio-ethanol distillery assets will create synergies in the sugar industry in Negros Occidental.” It also added that “this transaction is expected to enhance capability at URC to provide good milling services to the sugar planters.”

URC peaked at a 30-day high of P149 on June 9, 2020 when it opened at P142, dropped to P138.10 and closed trading at P149. It fell to a 30-day low of P115.10 on May 27, 202 when it opened at P120.60, climbed to P122.30 and closed at P122.

Roberto E. Tongcua is retired officer of Pepsi-Cola Products Philippines Inc. (PIP). As of May 13, 2020, he said he directly owned 70,000 PIP common shares.

PIP’s offer to buy from the beverage’s company’s public stockholders started on Dec. 12, 2019. Its tender was to acquire each at P1.95. As of June 2, 2020, PIP attracted the sale of 2,134,381,838 PIP common shares, which were equivalent to 57.783 percent of 3,693,772,279 outstanding common shares.

PIP peaked at a 30-day high of P1.92 on Apr. 29, 2020, May 11, 2020, May 12, 2020, May 13, 2020, May 14, 2020, May 21, 2020, May 22, 2020, May 26, 2020 and May 27, 2020. On Apr. 29, it opened at and closed at P1.91. On May 11, it opened at P1.91, dropped to P1.90 and closed at P1.92. On May 12, it opened at its high of P1.92;,dropped to P1.91 and closed at P1.92. On May 13, it opened at its high of P1.92, dropped to P1.91 and closed at P1.92. On May 14, it opened at its high of P1.92, dropped to P1.90 and closed at P1.91. On May 21, PIP opened at P1.91, dropped to P.1.91 and closed at P1.92. On May 22, it opened at its high of P1.92, dropped to P1.91 and closed at P1.92. On May 26, it opened at P1.91, dropped to P1.91 and closed at P1.91. On May 27, it opened at P1.90; dropped to P1.90 and closed at P1.90. PIP fell to a 30day low of P1.65 on June 11, 2020 when it opened at its high of P1.70 and closed at P1.69.

Jose Marcel Panlilio, who is the chairman of the nine-person board and president of Boulevard Holdings Inc. (BHI). As of June 30, 2018, he owned 5,100,176,776 BHI common shares, or 42.501 percent of 12 billion outstanding common shares. Of his holdings, he directly owned 3.502 million BHI common shares, or 0.029 percent, and indirectly held 5,096,674,776 common shares, or 42.472 percent of 12 billion outstanding common shares, according to the company’s public ownership report (POR).

Of BHI’s nine directors, who owned 5,170,306,787 BHI common shares, or 43.086 percent of outstanding. Panlilio was the only one with indirect ownership. The others were direct stockholder directors, namely, David L. Kho, 54.59 million BHI common shares, or 0.455 percent; Michael Lancelot F. Panlilio, 14.21 million shares, or 0.012 percent; Christopher M. Gotanco, 1,200,010 common shares, or 0.01 percent; Reynaldo Y. Maulit, 100,000 common shares; and Ricardo Pascua, Klarence T. Dy and Victor V. Benavidez,10,000 common shares each while Lorenzo R. Tanada had a nominal BHI common share.

Panlilio and family sold 21.4 million common shares they owned BHI common shares. The sale reduced their holdings to 4,587,364,776 BHI shares, or 38.228 percent of 12 billion outstanding common shares. Panlilio also directly owned 3.502 million common shares, or 0.029 percent. He also sold 23 million BHI common shares at P0.025 each in three trading sessions on May 12 and 13, 2020.

An updated POR as of Mar. 31, 2020, BHI attributed to public stockholders their ownership of 7,165,701,213 common shares, or 59.714 percent, making them the company’s majority stockholders.

Boulevard Holdings peaked at a 30-day high of P0.029 on Apr. 29, 2020 when it opened trading at P0.028, dropped to P0.028 and closed at P0.029. On Apr. 30, 2020, it opened trading at its high of P0.029, dropped to P0.028 and closed at P0.029. On May 4, 2020, it opened trading at its high of P0.029, dropped to P0.027 and closed at its session’s low of P0.027. The stock fell to a 30-day low of P0.024 on May 18, 2020 when it opened at its high of P0.026 and closed at P0.024. On May 19, 2020, it opened at P0.024, climbed to P0.025 and closed at P0.025. On May 26, 2020, the stock opened at its high of P0.025 and closed at P0.025. On May 29, 2020, it opened at its high of P0.025 and closed at its high of P0.025. On June 1, 2020, it opened at P0.024, climbed to P0.025 and closed at its low of P0.024. On June 2, 2020, it opened at its low of P0.024, climbed to P0.025 and closed at P0.025.

Is it now time to buy PIP common shares? Just asking.