COCOFED eyes funds from SMC shares

Should the Supreme Court (SC) rule that a portion of cash dividends from San Miguel Corp. (SMC) shares be allotted to several programs and projects of coconut farmers, it must also order that some of the money be assigned to the Philippine Coconut Producers Federation Inc. (COCOFED). The SC has yet to resolve whether the CIIF Oil Mills Group — the largest oil miller in the country — has the right over the cash dividends from the 753,848,312 shares of SMC. The total redemption value of the SMC shares is P55.8 billion at P74 per share. COCOFED said the shares in question are owned by the government in trust for all the coconut farmers in the country. The shares were bought using coconut levy funds collected during the Marcos regime, the group said. Since the levy was established for the benefit the coconut farmers, the coconut farmers should be the owners of the SMC shares, the federation added. —JE/VS, GMANews.TV