LISTED SP New Energy Corp. (SPNEC) said Pedro Emilio O. Roxas has resigned as the company’s independent director.
Mr. Roxas vacated his post due to “personal reasons,” SPNEC said in a stock exchange disclosure on Tuesday.
The resignation was approved by the company’s board during a regular meeting on June 10. SPNEC did not provide further details on Mr. Roxas’ resignation.
Mr. Roxas is the chairman of listed companies Roxas Holdings, Inc. (RHI) and Roxas and Co., Inc. (RCI). He joined SPNEC’s board after Manuel V. Pangilinan took over SPNEC in December last year following the completion of a P15.9-billion investment.
Meanwhile, SPNEC’s board also approved the filing of listing applications with the Philippine Stock Exchange covering 40.07 billion common shares.
SPNEC was founded by businessman Leandro Antonio L. Leviste but is now controlled by the Pangilinan group through MGen Renewable Energy, Inc.
On May 16, RHI, First Pacific Natural Resources Holdings BV, First Agri Holdings Corp., and Leviste-led Countryside Investments Holdings Corp. signed a nonbinding term sheet covering a plan to invest P5 billion for an initial 71.6% stake in RHI.
Hong Kong-based First Pacific has three key Philippine units consisting of Metro Pacific Investments Corp., Philex Mining Corp., and PLDT Inc. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls. — Revin Mikhael D. Ochave
Pedro Roxas steps down from SPNEC board
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