FERRONOUX Holdings, Inc. announced a management renewal on Thursday following a P297 million stock deal with backdoor lister Themis Group Corp.
Michael C. Cosiquien resigned as chairman, president and director of the publicly traded company, according to a stock exchange filing. He will be replaced by James G. Lorenzana, who was named director and chairman of Ferronoux, while Abel M. Almario was named president of the company.
Mr. Lorenzana is chairman and president of several companies and foundations, including Okada Foundation, Inc.
Ferronoux also announced the resignation of Erwin Terrell Y. Sy as director, chief financial officer and treasurer. He will be replaced by Johannes R. Bernabe, a former commissioner of the Philippine Competition Commission. Michelle Joan G. Tan also resigned as director and was replaced by Fiorello R. Jose.
The company also announced the resignations of Lavinia C. Empleo-Buctolan as compliance officer, Joan C. Musico as chief information officer and Bryan Joseph Garcia as investor relations officer.
Ferronoux said the leadership changes were approved at a special board meeting on Dec. 27.
Cosiquien-led ISOC Holdings, Inc. recently entered into an agreement to sell all its shares in Ferronoux to Themis Group for P297 million. ISOC sold 133.53 million shares at P2.22 each.
ISOC owns 51% of Ferronoux, which will now issue 80 million ordinary shares to Themis Group through a private placement.
ISOC will own 39.06% of the total issued and outstanding share capital of 341.82 million ordinary shares upon subscription to Themis Group.
Ferronoux’s board previously approved a P4.31 billion real estate-for-equity swap with Eagle 1 Landholdings, Inc. and the issuance of 240 million shares to Themis Group, resulting in changes of control and facilitating a backdoor listing.
The property-for-stock swap involved the issuance of up to 918 million common shares at P4.70 each to Eagle 1 Landholdings in exchange for approximately 9.4 hectares of land adjacent to the Okada integrated casino resort in Parañaque City.
Trading in Ferronoux shares has been suspended since December 19. – Revin Mikhael D. Ochave