Corporate war comes to Philex the Staff Philippine Daily Inquirer
June 30, 2009
WHILE super-typhoon “Feria” raged, Manual V. Pangilinan—who chairs PLDT, Metro Pacific Investments and now Philex Mining Corp.—was supposed to meet with Social Security System president Romulo Neri over dinner after the stockholders’ meeting of Philex Mining last week (this is especially strange given that the two got off to a shaky start in their corporate relationship last year).
Whether or not the rendezvous pushed through despite inclement weather, the talk of the town now is that two influential groups are making a pitch for the SSS’ 20-percent stake in Philex, one of which, of course, is the Pangilinan-led First Pacific Co. Ltd. of Hong Kong, which has declared its intention to make the country’s biggest gold and copper miner its main vehicle for mining interests in the Philippines.
But another formidable group also seems interested in the SSS block—if and when the SSS is ready to cash out of Philex (which has seen a sharp price run-up since February this year). It’s potentially another tug-of-war, a la Meralco unfolding, according to one market observer. Only this time around, the other party is not San Miguel Corp., but the group of former Trade Minister Roberto “Bobby” Ongpin that already owns shares in Philex. However, some say it’s possible that the two groups are not competing and may even team up for this venture. Doris C. Dumlao Knives unsheathed
Any remaining illusion that the tripartite peace deal in Meralco will hold for the long-term is quickly unraveling.
Early this week, a text message started circulating saying that the problems of SMC president Ramon Ang “are steadily mounting.”
According to the same message, RSA (as he is known) is “having trouble” with his Liberty Telecoms venture, which he had hoped to operate in conjunction with Meralco but is being beaten to the punch by PLDT. Questions are also being raised about his relationship with partner Qatar Telecoms over supposed procurement disagreements.
Of course, a person as colorful as Ang has many critics to choose from in this particular issue, and he does not have to look very far to know who the antagonists are.
Sought for his comment, RSA’s typically short reply read: “Not true. I’m fine. Inggit lang sila. Crab mentality at work.” Daxim L. Lucas A talent for every need
Speaking of Liberty, Ang is assembling a diverse talent pool for his entry into the telecommunications sector.
Having shaken the market by hiring former Smart Communications big hitter Anastacio “Boy” Martirez to run Liberty earlier this year, Ang added to his stable by bringing on board former National Telecommunications Commission chief Ronald Solis as his legal consultant for another telecom venture, Express Telecommunications Co. (Extelcom).
More recently, the SMC chief added yet another name to his growing telecom roster: that of former Transportation and Communications Assistant Secretary Lorenzo Formoso III.
Formoso—nicknamed “Amboy”—shot to national prominence (or notoriety, depending on which side of the political fence one views him from) when he was made the chief spokesperson and apologist for the scuttled $329-million ZTE-National Broadband Network deal.
Asked what role Formoso will play in Liberty, Ang said the former DOTC official will “help with the rollout” of the company’s projects. Hmmm. Daxim L. Lucas Chrome dome syndrome
What do these officials--TH, RT and LM (formerly of the LT group)—of this Makati-based bank have in common?
Aside from all working in the bank’s market-moving treasury unit (which TH heads), the three also share a common physical trait: they all suffer from the “chrome dome syndrome.”
The concentration of the phenomenon is so unusual (no other bank treasury unit seems to have such a collection) that the bank’s female chair, upon seeing a similarly chromed “RG” of the bank’s asset management unit, was supposed to have asked him, “Are you sure you’re not from treasury?”
Of course, these bankers can always say that the condition is caused by job-related stress or by their rising testosterone levels . Daxim L. Lucas Albee Benitez’ new bet
At the recent stockholders meeting of gaming firm Pacific Online Systems Corp., Albee Benitez—the big boss of Bingo Bonanza—was introduced by Willy Ocier with the title “congressman.”
Benitez, who is also a badminton enthusiast apart from being a businessman, later on admitted that he will indeed run as representative of the third district of Negros Occidental under the banner of Danding Cojuangco’s Nationalist People’s Coalition.
Because he will be required to divest his interests in all businesses if he wins, Ocier said in jest he’ll be willing to buy everything that Benitez will unload. Doris C. Dumlao
