Infrastructure conglomerate Metro Pacific Investments Corp. elected San Miguel Corp. (SMC) president and chief executive Ramon Ang and Government Service Insurance System (GSIS) president and general manager Jose Arnulfo Veloso as board directors.
SMC said in a disclosure to the stock exchange Monday Ang, in his personal capacity and on invitation of MPIC chairman Manuel Pangilinan, made an indirect investment in MPIC after it was delisted from the Philippine Stock Exchange.
Ang was then elected a member of the MPIC’s 13-man board of directors during the company’s board meeting on Oct. 17.
SMC did not disclose how much Ang invested in MPIC. It said SMC had not made any separate investment in the company.
After being rivals in various projects, Ang and Pangilinan recently enjoyed an amicable relationship.
SMC and MPIC agreed in July to jointly develop a new project for the construction and operation of a tollway project covering Cavite and Batangas.
Meanwhile, Veloso was also elected to MPIC’s board after the GSIS acquired MPIC shares from the market in August, which increased its stake in the company to 12 percent from 3 percent. Also elected to the MPIC’s board were Rodolfo del Rosario Jr., Yoshitoshi Iwami, Takehiko Ainoya and Stanley Yang.
Artemio Panganiban, Oscar Hilado, Pedro Roxas, Fr. Roberto Yap, Christopher Young and Ricardo Pilares III resigned from MPIC board.
Panganiban, Hilado, Roxas, Yap and Young, however, were appointed members of MPIC’s newly-formed council of board advisors.
MPIC was delisted on the official registry of the Philippine Stock Exchange on Oct. 9 after a management-led consortium acquired the shares of minority investors.
MPIC vowed to list its other toll road, water and hospital subsidiaries in the succeeding years. Aside from these businesses, MPIC also has investments in power generation, agriculture, real estate, railway and logistics.