MANILA, Dec 8 (Reuters) - Philex Mining Corp said on Tuesday Manuel Pangilinan, the chairman of Philippine Long Distance Co (PLDT), had taken over as chief executive officer in addition to being the chairman of the company.
Pangilinan is also managing director of Hong Kong's First Pacific Co and chairman of its Philippine unit Metro Pacific Investments.
Philex also said four of its directors and the assistant corporate secretary resigned. They were replaced by three directors and two independent directors.
Last week, First Pacific increased its shareholding in Philex to 40.7 percent.
First Pacific purchased an additional 9.2 percent for approximately $202 million from Philex Vice-Chairman Roberto Ongpin and CEO Walter Brown, both of who have resigned. A year ago, it had acquired a 20.06 percent stake, which it subsequently boosted by open market purchases.
Philex said this week it did not believe First Pacific was required to make a tender offer for its remaining shares.
(Reporting by Alexander McCaskill; Editing by Raju Gopalakrishnan)
((raju.gopalakrishnan@thomsonreuters.com; +632 841 8914; Reuters Messaging: raju.gopalakrishnan.reuters.com@reuters.net)) Keywords: PHILEX/ (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Pangilinan is also managing director of Hong Kong's First Pacific Co and chairman of its Philippine unit Metro Pacific Investments.
Philex also said four of its directors and the assistant corporate secretary resigned. They were replaced by three directors and two independent directors.
Last week, First Pacific increased its shareholding in Philex to 40.7 percent.
First Pacific purchased an additional 9.2 percent for approximately $202 million from Philex Vice-Chairman Roberto Ongpin and CEO Walter Brown, both of who have resigned. A year ago, it had acquired a 20.06 percent stake, which it subsequently boosted by open market purchases.
Philex said this week it did not believe First Pacific was required to make a tender offer for its remaining shares.
(Reporting by Alexander McCaskill; Editing by Raju Gopalakrishnan)
((raju.gopalakrishnan@thomsonreuters.com; +632 841 8914; Reuters Messaging: raju.gopalakrishnan.reuters.com@reuters.net)) Keywords: PHILEX/ (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
