Ramon Ang resigns from boards of Ongpin’s Alphaland, Philweb

Ang quits the boards of the companies as the stock exchange initiated delisting procedures against Alphaland

RESIGNED. Businessman Ramon Ang quits the boards of Ongpin-led companies, citing 'time constraint.' Photo by AFP

MANILA, Philippines – San Miguel Corporation president Ramon Ang quit the boards of two companies led by former trade minister Roberto Ongpin.

In separate disclosures to the Philippine Stock Exchange (PSE) on Wednesday, March 12, Ongpin’s Alphaland Corporation and Philweb Corporation said Ang resigned from their boards on March 11 due to “time constraint.”

Ang and Ongpin are known to be allies. Ongpin sits on the board of San Miguel.

Ang resigned from the board of Alphaland as PSE initiated delisting procedures against the company for violations of disclosure rules. 

PSE said Alphaland repeatedly failed to submit full, fair, accurate and timely disclosures of material information.

PSE said Alphaland’s violations occurred in the course of its disclosures of the alleged simulated sale of Alphaland shares between Ashmore Investment Management Limited/Alphaland Holdings (Singapore) Pte Ltd and Credit Suisse (Singapore) Ltd, cases involving the company, its state of financial distress and its representation of its conduct of a stock rights offering, which it later admitted as a “minority offering.” (READ: Wenceslao Group, Ongpin tussle over Alphaland Marina Club)

(READ: PSE to delist Alphaland for violations of disclosure rules)

San Miguel’s retirement fund is a principal shareholder of PSE, with an 8.58% stake. – Rappler.com


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