PHINMA Energy Corp. and its unit Phinma Petroleum and Geothermal, Inc. (PPGI) have named new directors to take over the seats vacated by their previous owners in line with the takeover by Ayala-led AC Energy, Inc. of the listed energy companies.
Gerardo C. Ablaza, Jr., Jose Rene Gregory D. Almendras, and John Philip S. Orbeta were named directors of the Phinma Energy. Maria Corazon G. Dizon, Augusto Cesar D. Bengzon, and Jaime Urquijo Zobel de Ayala were appointed directors of PPGI.
Their appointment took effect on July 1, 2019, which was also the effective date of the resignation of the previous board members, including Ramon R. Del Rosario, Jr., who chaired both Phinma Energy and PPGI.
The corporate move follows the signing on June 25 of the deed of assignment between Philippine Investment Management (PHINMA), Inc. (PHI) and AC Energy on PHI’s rights, title and interests in the management contract with Phinma Energy.
Phinma Energy expressed its consent to the said assignment of management contract.
On Jan. 9, AC Energy announced that it had signed a “mutually strategic agreement” with Phinma Energy that gives the Ayala company a 51.48% stake in the listed firm for P3.42 billion.
Shares in Phinma Energy fell by 4.90% on Tuesday to P2.33 each, while those of PPGI rose by 0.21% to P4.68 each.