SEC okays capital restructuring plan of Jardine Davies Inc.

The Securities and Exchange Commission (SEC) has approved the capital restructuring plan of listed investment holding company Jardine Davies Inc. (JDI).

The capital restructuring involves a three-way process: the increase in JDI’s capital stock from P200 million to P1.13 billion; the subsequent reduction of capital; 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 which will 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 distribution, which includes cement, industrial products, wall and floor systems and fibre cement board while also having a joint venture in quality middle income housing and property development.

It also has two sugar mills, both of which it manages and which account for approximately seven percent of total Philippine sugar production.

The company is 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.