Ramon S. Ang. AP FILE PHOTO
MANILA, Philippines — San Miguel Corp. president Ramon S. Ang has stepped down from the boards of property developer Alphaland Corp. and gaming firm Philweb Corp., both led by businessman Roberto V. Ongpin.
Ang cited “time constraints” as the reason for the resignation, which coincided with a move by the Philippine Stock Exchange to subject Alphaland to involuntary delisting, citing a “pattern of deliberate, conscious and willful intent” to mislead the exchange and the investing public through “repeated” violations of disclosure rules.
A private investment arm led by Ang and the San Miguel Retirement Fund comprise the single biggest voting bloc on the PSE.
While the timing of the resignation has triggered a lot of speculation, a source close to Ang said the SMC chief and Ongpin remained “friends.” Ongpin sits on the board of SMC and is part of the group allied with Ang.
The PSE, for its part, said in a memorandum that repeated violations of the disclosure rules and the company’s allegations and representations to the exchange showed that Alphaland had “gravely undermined the primordial principle and objective of a fair, orderly, efficient and transparent market for the trading of securities which the exchange is duty-bound to uphold at all times.”
It said that involuntary delisting had thus been initiated against Alphaland, on the following grounds: failure to comply with the listing agreement or the listing and disclosure rules of the exchange during the prescribed period; and repeated failure to make timely, adequate and accurate disclosures of information.
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