Corporate News

Jaka Securities increases stake in Calata

Posted on January 14, 2017

A STOCK brokerage owned by the Enrile family has bought more shares in agribusiness firm Calata Corp.

Logo of Calata Corp.
Calata told the stock exchange on Friday that its board of directors approved the issuance of 42.33 million common shares to Jaka Securities Corp. at a price of P2.40 apiece. totalling P101.6 million.

The acquisition will increase the stake of Jaka Securities -- owner of 60.36 million shares or 14.98% of the listed company prior to the subscription -- to 102.7 million shares, or 25.48% of Calata’s 403 million outstanding shares.

Jaka Securities is part of the Jaka Group, a conglomerate with core business interests in distribution and logistics, food, lights and woods, property and security, and investment management.

The group’s president and chief executive officer is Katrina Ponce Enrile, daughter of former Senator Juan Ponce Enrile, Sr., according to the company’s website.

Calata is a vertically integrated agricultural conglomerate that operates across the agricultural value chain, from agricultural raw materials to fertilizers and end products.

The company is diversifying into real estate after partnering with Sino-America Gaming Investment Group, LLC and Macau Resources Group Ltd. for the development of a proposed P65-billion integrated resort and casino development within a 14-hectare site on Mactan Island in Cebu. Calata will lease the land to its foreign partners.

In the nine months through September, Calata grew its earnings by more than a third to P130 million from P97 million, driven by the 15% rise in sales due to higher-margin products and the introduction of a new fertilizer brand.

Shares in Calata were unchanged at P2.59 apiece on Friday. -- Krista Angela M. Montealegre