Jardine Davies stockholders okay capital restructuring program

The stockholders of Jardine Davies Inc. (JDI) have given their approval of the listed investment holding company’s proposed capital restructuring program.

The capital restructuring involves a two-tiered scheme that includes the increase in JDI’s capital stock from P200 million to P1.3 billion and the declaration of stock dividends.

Out of the increase in capital, P1.14 billion will be subscribed and paid in full by way of stock dividend.

The resulting fractional shares will be purchased by the company on the basis of par value and will become treasury shares to be immediately retired by reducing capital to P200 million.

JDI is one of the oldest and most diversified companies operating in the country. It is a major force in the marketing and distribution of agricultural chemicals in the Philippines.

Through wholly- owned units, subsidiaries and associates, JDI manages buildings and industrial materials, middle-income housing, financial services, corporate services, agricultural supplies and sugar milling. It has branches in major cities in the country including Cebu, Davao, Bacolod, and Iloilo.

JDI has a wide range of construction materials for distribution, which includes cement, industrial products, wall and floor systems and fibre cement board while also having a joint venture in quality middle-income hou-sing and property development.

The company is also one of the largest distributors of pesticides and related products through Jardine Agchem. Also, JDI has a financing and leasing company, which focuses on the financial needs of the middle class.