Billionaire Manuel V. Pangilinan (MVP) has quickly relinquished his title as president at Manila Electric Co. (Meralco).
In a disclosure to the Philippine Stock Exchange, Meralco announced that Pangilinan has officially dropped the title of president, but will continue to lead as the chair and chief executive officer (CEO) of the company.
This change in designation comes less than a month after Pangilinan succeeded the former president and CEO, Ray Espinosa, who stepped down after four years of leadership.
Meralco’s vice president and head of corporate communications, Joe Zaldarriaga, explained that the change aligns with Meralco’s goal to streamline operations.
Among the eight changes in designation announced by Meralco, Ronnie Aperocho has been promoted from SVP and head of networks to executive vice president and chief operating officer. He will oversee the day-to-day operations of the distribution utility.
Meralco did not indicate whether the vacant president’s seat will be filled in the near future or if it is being kept vacant for Aperocho.
—MEG J. ADONIS
New IPO Schedule
Dexter Tiu’s hydropower firm, Repower Energy Development Corp., has made changes to the offer period of its P1.15-billion initial public offering (IPO).
Instead of selling shares on June 28 (a holiday), the offer will now start on June 30 and end on July 14.
Repower will still make its trading debut on July 24 under the stock symbol “REDC”.
Repower is the third IPO this year, and the second renewable energy company to list in 2023, reflecting the growing interest in cleaner power projects.
The proceeds from the IPO will primarily be used to boost the company’s hydropower projects in Bukidnon and Quezon.
—Miguel R. Camus
‘Hotel Voucher Specialist’
The current dispensation at a government agency has retained the services of an official who has been involved in questionable practices.
It is widely known in the industry that the official and their “cohorts” have been asking hotels for free vouchers for personal use.
In addition to taking advantage of these businesses, the official has also been adept at currying favor with the new powers-that-be at the agency, which may explain why they are still employed.
Despite being aware of the official’s abusive practices, top management at the agency has shown no interest in taking appropriate action to discipline them.
Furthermore, the official has been allowed to lead projects that have been criticized by the private sector for their questionable rationale and poor implementation.
—Daxim L. Lucas INQ
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Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.
Denial of responsibility! Samachar Central is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
