Stock News 2012: Arthur Ty is new Metrobank chairman

Metropolitan Bank and Trust Company (Photo credit: Wikipedia)
The Metropolitan Bank and Trust Co. (Metrobank) has a new board chairman in Arthur Ty, erstwhile bank president. He replaces his father, Dr. George S.K. Ty as bank chairman.

The new bank president is Fabian S. Dee, erstwhile senior vice president while Francis C. Sebastian was retained as vice chairman.

The new board is still in a meeting as of presstime, as they were still deciding on management positions.

Likewise, the present board decided to expand the 2012 board to 14 seats from the present 12.

The new members of the board are Fabian S. Dee, Antonio Viray, Amelia Cabal and Vy Tonne So. Out of the new board are Antonio S. Abacan Jr. and Jose P. de Jesus (independent director).

Abacan was named Metrobank Group chairman.

Sources said that the patriach of the Ty conglomerate would remain as the guiding light of the Metrobank Group as it has been expanding its corporate reach to new ventures such as energy generation.

The change was expected as Arthur Ty has agreed to be bank president only for a five-year period.

Younger brother Alfred remains at the board as corporate secretary. He is also the president of Federal Land Inc., Toyota Motor Philippines Corp., and an independent director of the Philippine Long Distance Telephone Co. (PLDT).

http://www.philstar.com/Article.aspx?publicationSubCategoryId=66&articleId=800777

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Stock News 2011: Petron to sell new shares to fund expansion

Petron Corp., the Philippines’ biggest refiner, may sell shares to raise funds as it plans a $2 billion expansion, Chairman Ramon Ang said.

“A lot of investors have approached us, wanting to buy Petron shares,” Ang, who is also vice chairman of Petron’s controlling shareholder San Miguel Corp., said in an interview in Manila Friday. The size and schedule of the fundraising are yet to be determined, he said.

Petron, which could eventually become San Miguel’s “flagship” unit, plans to spend the $2 billion in three to four years for expansion, Ang said in a Feb. 3 interview. San Miguel, the Philippines’ biggest food and drinks company, is also planning a share sale to boost investments in energy, telecommunications and transportation.

San Miguel has been buying assets to expand in industries that could help boost its return on equity almost threefold from the 7 percent it previously earned from food and drinks. The Manila-based company may “calibrate” a planned sale of 1 billion common shares for at least 200 pesos ($4.6) each depending on market conditions, and the offering will likely be in the second quarter, Ang said.

http://www.mb.com.ph/node/307537/petron-

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International News 2010: Samsung promotes chairman's son to president

Image via Wikipedia
SEOUL, South Korea (AP) – The son of Samsung Electronics Co.'s chairman has been promoted to president in a reorganization of top management posts at the conglomerate the giant technology company anchors.

Lee Jae-yong, 42, who is being elevated from executive vice president at Samsung Electronics, would retain his chief operating officer title, Samsung Group said in a statement Friday.

Samsung Electronics is a major force in the global electronics industry, where it holds the top spots in memory chips and flat screen televisions and ranks No. 2 in mobile phones behind Finland's Nokia Corp.

The company is also the flagship corporation of the Samsung Group conglomerate, which consists of dozens of other businesses including shipbuilding, construction, leisure and finance.

Samsung Electronics Chairman Lee Kun-hee's father founded the Samsung Group in 1938. The move to promote Lee Jae-yong, who also goes by Jay Y. Lee, was widely expected after Lee Kun-hee, 68, said last month that his son was set to move up the ranks.

Investors appeared to welcome the news, sending shares in Samsung Electronics 3.3 percent higher in late morning trading to a record 887,000 won ($775). The announcement came about 30 minutes after trading started Friday.

Samsung Electronics has at least 10 executives with the title of president, according to the group. Lee Jae-yong's promotion, however, has been closely watched given that he is a member of the conglomerate's founding family and widely expected to eventually to succeed his father.

http://www.mb.com.ph/node/290705/

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Stock News 2010: Bourse approves listing of IPVG unit

Image by The Planet via Flickr

THE PHILIPPINE Stock Exchange (PSE) on Wednesday approved the initial public offering (IPO) of IP Converge Data Center, Inc., the local bourse’s top executive said late last week.

The fourth public listing approved by the stock exchange for the year will allow the information and telecommunications arm of listed IPVG Corp. to generate P320 million to P365.5 million in fresh capital.

It will also be the second IPVG subsidiary to go public this year. “The approval was on the same board meeting,” PSE Chairman Hans B. Sicat told reporters, referring to the Oct. 20 PSE board meeting. In the same meeting, the PSE allowed Zamora-led Nickel Asia Corp. to conduct its P8.05-billion IPO.

With the recent development, Mr. Sicat said the local bourse was expecting a total of three IPOs for the year.

In mid-October, the Securities and Exchange Commission (SEC) cleared IP Converge’s plan to sell 45.57 million common shares at P7.04 to P8.80 per share.

The shares are equivalent to 25% of the company. Public listing is set for Dec. 8, with IP Converge tapping Unicapital, Inc. as underwriter and issue manager.

http://www.bworldonline.com/main/content.php?id=20007