IF YOU THINK THAT THE ELUsive peace has finally come to the fractious Philippine Stock Exchange, think again. Yesterday, the bourse announced that PSE veteran William Ang had tendered his resignation as the bourse?s corporate secretary effective last Friday, Oct. 30. He also quit his other posts, which included the audit and corporate governance committees (where he served as secretary) and the depository project that he headed.

According to our sources, Ang was having a long ?discussion? on the issue of corporate governance with one of the board members during one of the group?s meetings.

This particular board member?a relative newcomer to the group?supposedly trained his guns at Ang over corporate issues, so a recess was called to cool the heated discussion. Emotions still ran high when Ang vented his frustrations with some directors while relieving themselves in the restroom (with the criticism coming in the ?pot-calling-the-kettle-black? form).

While Ang and his buddies may have looked around first before speaking their minds, they apparently failed to look under the cubicle doors, for there came a flushing sound, and out came newcomer board member, pretending not to have heard anything.

Next thing you know, Ang was holding a pink slip. Why? ?Nagsumbong,? said other broker directors, referring to the newbie cubicle listener. Lesson: before speaking your mind, look around you, and under cubicle doors. Daxim L. Lucas

Damned if you do, damned if you don?t

HENRY SY Jr. (a.k.a. ?Big Boy?) pulled off a big surprise ahead of the long Halloween weekend with his P300-per-share bid for the Lopezes? remaining 13.4-percent stake in Manila Electric Co. In doing so, he did both the Lopez and San Miguel groups a favor: the Lopezes by bidding up (effectively doubling, if the grapevine is to be believed) the price compared to Manny Pangilinan?s offer; and San Miguel by standing in as a proxy in the battle against its corporate rival.

Aside from finding a formidable new ally that the Lopezes can?t snub (the SM group?s Banco de Oro has been very helpful in giving the clan a financial lifeline during its aggressive expansion into the geothermal power business), San Miguel has also found a way to cash out of Meralco. If the bid is successful, our sources say that San Miguel president Ramon Ang is willing to sell the Meralco stake to Big Boy, too, on the same terms sometime in the future. Either way, San Miguel will be laughing all the way to the bank.

MVP, on the other hand, is facing either a pyrrhic victory or the risk of being sidelined in Meralco. So who?s gonna win this high-stakes poker? Probably the one with the biggest war chest and the richest friends. Doris C. Dumlao

When it rains in the Citi, it pours

THE BANKING community was surprised (shocked, some said) when Citigroup was left out of the group that brought the Philippine government?s latest global bond issue to market recently.

Citigroup had, after all, organized and paid for the latest investment roadshow of economic managers in New York and other financial capitals to help them raise funds for this cash-strapped government (despite the fact that the bank is still struggling with the effects of the global financial crisis, as evidenced by its dismal share price).

Traditionally, picking up the tab for an international roadshow would at least guarantee the sponsoring financial institution of getting its foot in the bond underwriting door. But not this time.

Instead, the Department of Finance awarded a $1-billion, 25-year bond deal to the trio of HSBC, Deutsche Bank and UBS. Citigroup?s name was nowhere to be found, especially since its funding proposal?a reopening of the government?s ?long bond? issue?was thumbed down by the government.

Naturally, Citi?s ire and grumbling since then has been directed at HSBC, which has been cornering the bulk of the action from the public and private sectors, of late. ?Weather weather lang,? say the HSBC guys.Daxim L. Lucas

Telco shakeup

EXPAT TELECOM veteran Tunde Fafunwa has left Bayantel effective Oct. 31 and has been replaced by Fred Bernardo, an executive who has been with the Lopez group of companies for the last eight years.

Given Fafunwa?s good track record, he will not be short of suitors who want to keep him on local shores.

This US-educated executive is admired even by competitors for his ability to eke out revenues despite the tight purse at Bayantel. Will the founder of Nigeria?s Resourcery Ltd. (the largest network integrator in West Africa), who has likewise worked with the likes of Verizon, be tempted to join another local telco? Being an expert in handling upstart and midsize companies in the Fortune 500 roster, it?s not surprising if a certain newbie in Philippine telco (we won?t say who, but you can probably guess) actively seeks his service.Doris C. Dumlao

Pepsi play

PRIOR TO October, there was a stock market play on Pepsi-Cola Products Philippines Inc. (PIP) on talks that San Miguel Corp., or at least its president Ramon S. Ang in his personal capacity, is interested in the company. This has long been denied by RSA, who told us some people may just be concocting stories ?just to make money? in the stock market.

San Miguel, for its part, cannot return to the soft drink business for two and a half years more based on the five-year ?non-compete? clause stipulated when it sold out of Coca-Cola Bottlers Philippines Inc.

And even if the waiting is over, PIP?s local operations may be ?too small? for the diversifying San Miguel, admitted PIP president Mickey Yong.

But while PIP isn?t hatching a deal with San Miguel or RSA, Yong said that the company is always in talks with potential new investors and that everything is for sale at the right price. He is proud of PIP?s profitable operations and keeps on challenging reporters and analysts to compare its financial statement with its peers. Too bad Coca-Cola Philippines is unlisted.Doris C. Dumlao

Business donors beware
SUPPORTERS AND close friends of Brig. Gen. Danilo Lim, charged with plotting to overthrow the Arroyo administration and an aspirant for a Senate seat, are asking the public to be wary of individuals or groups soliciting funds for the detained rebel officer.

Retired Col. Romeo Lim (not related to the detained general), former commanding officer of Danny Lim in the Scout Rangers, said reports reached the detained general?s camp that some persons or groups were soliciting donations for the rebel officer.

Romeo Lim said Danny Lim, or his family, hasn?t authorized any one or any group to solicit funds for the detained general?s Senate campaign. Tony S. Bergonia