Ongpin group gets back in the mining business
Posted on December 12th, 2009
The group of Roberto V. Ongpin will return to the mining and oil exploration business soon after it acquired Atok-Big Wedge Co., Inc. Earlier, the company of former trade minister Ongpin sold its mining firm Philex Mining Corp.
It its disclosure to the Philippine Stock Exchange, Atok Big Wedge said it had a management and board shake-up reflect the entry of Ongpin’s group, as it sought to raise the company’s stock to P10 billion from P60 million.
The group, which also included former Philex president Walter Brown and Ongpin’s nephew, Petro Corp. president and former finance undersecretary Eric Recto, has also committed to infuse P500 million to Atok Big Wed through private placement, whose final terms is yet to be determined.
After the shake-up, Ongpin emerges as the elected chair, Recto as vice chair and Brown as president. The new board also approved a resolution to change the primary purpose of Atok Big Wedge from a holding firm to a mining, oil, gas and natural resources development company.
Aside from his inclusion in the Atok Big Wedge board, Brown is also the chair and president of Monte Oro Resources and Energy Inc. and Monte Oro Grid Resources Corp. He is also the president and CEO of National Grid Corporation of the Philippines, director of Philippine Realty and Holdings Corp., Philodrill Corp., and Ongpin-led ISM Communications Corp.
Meanwhile, Mario Oreta, ISM Communications/Philweb Corp. director and Alphaland Corp. president was named as vice president and director of Atok Big Wedge, and Philweb president Dennis Valdes was named treasurer and director.
Completing the line-up of the nine-member board are Deflin Wenceslao Jr., and Victor Kalaw. Mario Locsin and Development Bank of the Philippines president Reynaldo David were named independent directors.
The proposed P10-billion increase in capital stock will be divided into 10 billion common shares with a par value of P1.
