Businessmirror
Written by Miguel R. Camus / Reporter
THE group of former Trade Minister Roberto Ongpin has taken over Atok Big Wedge Co Inc. after acquiring a majority stake in the miner last October.
In a posting on the website of the Philippine Stock Exchange, Atok said the new board elected Ongpin as chairman in a meeting held Thursday. The board also elected Walter W. Brown director and president.
The election reunited Ongpin and Brown, who earlier this week resigned from the board of Philex Mining Corp. after selling their shares to the group of businessman Manuel V. Pangilinan’s First Pacific Co. Ltd.
Eric Recto, who is president of Petron Corp., was elected vice chairman.
Reynaldo G. David, president and chief executive officer of the government-owned Development Bank of the Philippines, is Atok’s independent director, the same role he occupied at Philex until he resigned last week to give way to the nominees of the First Pacific. He replaced Arsenio B. Yulo Jr. in Atok. Read More..
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