FERRONOUX Holdings, Inc. on Thursday announced a revamp in management after a P297-million share deal with backdoor lister Themis Group Corp.
Michael C. Cosiquien stepped down as chairman, president and director of the listed company, it said in a stock exchange filing. He will be replaced by James G. Lorenzana, who was appointed Ferronoux director and chairman, while Abel M. Almario was named company president.
Mr. Lorenzana is chairman and president of several companies and foundations including Okada Foundation, Inc.
Ferronoux also announced the resignation of Erwin Terrell Y. Sy as director and chief financial officer and treasurer. He will be replaced by Johannes R. Bernabe, a former Philippine Competition Commission commissioner. Michelle Joan G. Tan also resigned as director, to be replaced by Fiorello R. Jose.
The company also announced the resignation of Lavinia C. Empleo-Buctolan as compliance officer, Joan C. Musico as chief information officer and Bryan Joseph Garcia as investor relations officer.
Ferronoux said the leadership changes were approved during a special board meeting on Dec. 27.
Cosiquien-led ISOC Holdings, Inc. recently entered into an agreement to sell all its shares in Ferronoux to Themis Group for P297 million. ISOC sold 133.53 million shares at P2.22 each.
ISOC holds 51% of Ferronoux, which will now issue 80 million common shares to Themis Group via a private placement.
ISOC will hold 39.06% of the total issued and outstanding capital stock of 341.82 million common shares post-subscription of Themis Group.
Ferronoux’s board earlier approved a P4.31-billion property-for-share swap with Eagle 1 Landholdings, Inc. and the issuance of 240 million shares to Themis Group, resulting in changes in control and facilitating a backdoor listing.
The property-for-share swap involved the issuance of up to 918 million common shares at P4.70 each to Eagle 1 Landholdings in exchange for about 9.4 hectares of land adjacent to the Okada integrated casino resort in Parañaque City.
Trading of Ferronoux shares has been suspended since Dec. 19. — Revin Mikhael D. Ochave
