9/11/22, 9:03 PM G.R. No.

180705

necessary.

13. The parties agree to execute or cause to be executed such documents and instruments as
may be required in order to carry out the intent and purpose of this Agreement.

IN WITNESS WHEREOF x x x

PHILIPPINE COCONUT AUTHORITY

(BUYER)

By:

EDUARDO COJUANGCO, JR. MARIA CLARA L. LOBREGAT

(SELLER)

xxxx

7. Defendants Lobregat, et al. and COCOFED, et al. and Ballares, et al. admit that the x x x (PCA) was
the "other buyers" represented by defendant Eduardo M. Cojuangco, Jr. in the May 1975 Agreement
entered into between Pedro Cojuangco (on his own behalf and in behalf of other sellers listed in Annex
"A"of the agreement) and defendant Eduardo M. Cojuangco, Jr. (on his own behalf and in behalf of the
other buyers). Defendant Cojuangco insists he was the "only buyer" under the aforesaid Agreement.

8. Defendant Eduardo M. Cojuangco, Jr. did not own any share in the x x x (FUB) prior to the execution
of the two Agreements x x x.

9. Defendants Lobregat, et al., and COCOFED, et al., and Ballares, et al. admit that in addition to the
137,866 FUB shares of Pedro Cojuangco, et al. covered by the Agreement, other FUB stockholders
sold their shares to PCA such that the total number of FUB shares purchased by PCA … increased
from 137,866 shares to 144,400 shares, the OPTION SHARES referred to in the Agreement of May 25,
1975. Defendant Cojuangco did not make said admission as to the said 6,534 shares in excess of the
137,866 shares covered by the Agreement with Pedro Cojuangco.

10. Defendants Lobregat, et al. and COCOFED, et al. and Ballares, et al. admit that the Agreement,
described in Section 1 of Presidential Decree (P.D.) No. 755 dated July 29, 1975 as the "Agreement for
the Acquisition of a Commercial Bank for the Benefit of Coconut Farmers" executed by the Philippine
Coconut Authority" and incorporated in Section 1 of P.D. No. 755 by reference, refers to the
"AGREEMENT FOR THE ACQUISITION OF A COMMERCIAL BANK FOR THE BENEFIT OF THE
COCONUT FARMERS OF THE PHILIPPINES" dated May 25, 1975 between defendant Eduardo M.
Cojuangco, Jr. and the PCA (Annex "B" for defendant Cojuangco’s OPPOSITION TO PLAINTIFF’S
MOTION FOR PARTIAL SUMMARY JUDGMENT RE: EDUARDO M. COJUANGCO, JR. dated
September 18, 2002).

Plaintiff refused to make the same admission.

11. As to whether P.D. No. 755 and the text of the agreement described therein was published, the
Court takes judicial notice that P.D. No. 755 was published in x x x volume 71 of the Official Gazette but
the text of the agreement x x x was not so published with P.D. No. 755.

12. Defendants Lobregat, et al. and COCOFED, et al. and Ballares, et al. admit that the PCA used
public funds x x x in the total amount of P150 million, to purchase the FUB shares amounting to 72.2%
of the authorized capital stock of the FUB, although the PCA was later reimbursed from the coconut
levy funds and that the PCA subscription in the increased capitalization of the FUB, which was later
renamed the x x x (UCPB), came from the said coconut levy funds x x x.

13. Pursuant to the May 25, 1975 Agreement, out of the 72.2% shares of the authorized and the
increased capital stock of the FUB (later UCPB), entirely paid for by PCA, 64.98% of the shares were
placed in the name of the "PCA for the benefit of the coconut farmers" and 7,22% were given to
defendant Cojuangco. The remaining 27.8% shares of stock in the FUB which later became the UCPB
were not covered by the two (2) agreements referred to in item no. 6, par. (a) and (b) above. "There
were shares forming part of the aforementioned 64.98% which were later sold or transferred to non-
coconut farmers.

14. Under the May 27, 1975 Agreement, defendant Cojuangco’s equity in the FUB (now UCPB) was
ten percent (10%) of the shares of stock acquired by the PCA for the benefit of the coconut farmers.

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