Shareholders in Roxas and Company Inc. (RCI), the holding firm of the Roxas Group of Companies, are seeking to clarify the identities of the purchasers of the company’s recent treasury shares sale to ensure transparency.

However, RCI, during its annual stockholders’ meeting on Wednesday, declined to disclose information.

During the meeting, the shareholders asked if the buyers of the 66.93 million treasury shares sold on 16 January at 44 centavos per share to Maria Carmen Roxas Elizalde are related to any RCI director or officer.

Elizalde is the mother of RCI directors Santi and Patxi Elizalde.

Data Privacy Act

“The matters related to the disclosure of the shareholders are subject to the Data Privacy Act and do not have to be disclosed. When it comes to disclosing the identities of who our stockholders are. The treasury shares that were referred do not reach this threshold,” RCI Chairman Pedro Roxas responded.

“We respect the privacy of our counterparties in our transactions. However, we can assure the shareholders that the treasury share transactions are above board. They were properly approved. The terms and conditions were (set at) arms-length,” he added.

Likewise, Roxas also contended that the treasury shares acquired by Stonebridge Corporation, a company chaired by Gizela Gonzalez-Montinola, were sold on installment payments while his (Roxas’) advances were converted into shares under a special contract approved by the RCI board.

“The payment was done according to the agreement with the shareholder. The payment was made. It doesn't matter when it was paid. The payment was done and the transaction was concluded. I do not have to confirm when the payment was made. The payment was done on installment,” he said.

Not 50,000

Regarding informal settlers in land zoned for RCI use in Nasugbu, Batangas, Roxas disputed the claim that 50,000 residents in the area were impacted by an order from the Department of Agrarian Reform that would displace them due to the firm's developments.

“There are not 50,000 residents in the affected areas," he said.

When asked by a shareholder about giving additional compensation to Department of Agrarian Reform (DAR) beneficiaries and informal settlers, Roxas responded by stating that they are waiting for the DAR to finalize the transaction.

He emphasized that there is no need for discussions with the beneficiaries since they are adhering to the DAR's ruling.

RCI's main holdings are raw real estate located in Nasugbu, Batangas, sugar-related assets, and businesses held through Roxas Holdings, Inc.