Cojuangco v. Roxas

GANCAYCO, J.:

The issue squarely presented by the petitioners is whether or not the Presidential Commission on Good Government (PCGG) may vote the sequestered shares of stock of San Miguel Corporation (SMC) and elect its members of the board of directors. In G.R. No. 91925 the facts alleged are undisputed. Petitioners are stockholders of record of SMC as follows - Stockholders No. of Shares Eduardo M. Cojuangco, Jr. 13,225 Manuel M. Cojuangco 5,750 Rafael G. Abello 5,750 On April 18, 1989, the annual meeting of shareholders of SMC was held.

Among the matters taken up was the election of fifteen (15) members of the board of directors for the ensuing year. Petitioners were among the twenty four (24) nominees to the board, namely -- 1 Mr. Rafael G. Abello 2 Mr. Eduardo M. Cojuangco, Jr. 3 Mr. Enrique M. Cojuangco 4 Mr. Manuel M. Cojuangco 5 Mr. Marcos O. Cojuangco 6 Mr. Jose C. Concepcion 7 Mr. Amado C. Mamuric 8 Mr. Rodolfo M. Tinsay 9 Mr. Danilo S. Ursua 10 Mr. Eduardo De Los Angeles 11 Mr. Feliciano Belmonte, Jr. 12 Mr. Teodoro L. Locsin 13 Mr. Domingo Lee 14 Mr. Philip Ella Juico 15 Mr. Patrick Pineda 16 Mr. Adolfo Azcuna 17 Mr. Edison Coseteng 18 Mr. Jose L. Cuisia, Jr. 19 Mr. Oscar Hilado 20 Mr. Andres Soriano III 21 Mr. Eduardo J. Soriano 22 Mr. Francisco C. Eizmendi, Jr. 23 Mr. Benigno P. Toda, Jr. 24 Mr. Antonio J. Roxas On the date of the annual meeting, there were 140,849,970 shares outstanding, of which 133,224,130 shares, or 94.58%, were present at the meeting, either in person or by proxy.

Because of PCGG's claim that the shares of stock were under sequestration, PCGG was allowed to represent and vote the shares of stocks of the following shareholders. STOCKHOLDER NO. OF SHARES PRIMAVERA FARMS, INC.

5,381,543 BLACK STALLION RANCH, INC. 3,587,695 MISTY MOUNTAINS AGRI'L CORP. 3,587,695 PASTORAL FARMS, INC.

3,587,695 MEADOW LARK PLANTATION, INC. 2,690,771 SILVER LEAF PLANTATION, INC. 2,690,771 LUCENA OIL FACTORY, INC.

169,174 PCY OIL FACTORY, INC. 167,867 METROPLEX COMMODITIES, INC. 167,777 KAUNLARAN AGRICULTURAL CORP.

145,475 REDDEE DEVELOPERS, INC. 169,071 AGR'L CONSULTANCY SERV., INC. 167,907 FIRST UNITED TRANSPORT, INC.

168,963 VERDANT PLANTATIONS, INC. 145,475 CHRISTENSEN PLANTATIONS, INC. 168,920 NORTHERN CARRIERS CORPORATION 167,891 VESTA AGRICULTURAL CORP.

145,475 OCEAN SIDE MARITIME ENT., INC. 132,250 PURA ELECTRIC COMPANY, INC. 99,587 UNEXPLORED LAND DEVELOPERS, INC.

102,823 PUNONG-BAYAN HOUSING DEVT. CORP. 132,250 HABAGAT REALTY DEVELOPMENT, INC.

145,822 SPADE ONE RESORTS CORP. 147,040 WINGS RESORTS CORPORATION 104,885 KALAWAKAN RESORTS, INC. 132,250 LABAYUG AIR TERMINALS, INC.

159,106 LANDAIR INT'L MARKETING CORP. 168,965 SAN ESTEBAN DEVELOPMENT CORP. 167,679 PHILIPPINE TECHNOLOGIES, INC.

132,250 BALETE RANCH, INC. 166,395 DISCOVERY REALTY CORP. 169,203 ARCHIPELAGO REALTY CORP.

167,761 SOUTHERN SERVICE TRADERS, INC. 120,480 ORO VERDE SERVICES, INC. 132,250 NORTHEAST CONTRACT TRADERS, INC.

159,536 DREAM PASTURES, INC. 169,237 LHL CATTLE CORPORATION 169,216 RANCHO GRANDE, INC. 167,614 ECHO RANCH, INC.

167,897 FAR EAST RANCH, INC. 169,227 SOUTHERN STAR CATTLE CORP. RADIO AUDIENCE DEVELOPERS 169,095 INTEGRATED ORGANIZATION, INC 167,787 RADYO PILIPINO CORPORATION 167,777 EDUARDO M. COJUANGCO, JR.

13,225 TOTAL