The original management of Vallacar Transit Inc. has firmed up its control of the country’s largest bus transport group, with Leo Rey Yanson having been elected chief of all the operating units of the group nationwide.
In a statement, the camp of the youngest sibling of the feuding billionaire family said Leo Rey was reelected chair and president of Rural Transit (Mindanao) Inc.
The stockholders of Rural Transit—a sister firm of Vallacar—held their annual stockholders’ meeting on Feb. 12, 2020 in Bulua, Cagayan de Oro City, and elected its board of directors.
Under the by-laws of the firm, its annual stockholders’ meeting should be held every second Wednesday of February at its head office.
The meeting was presided over by Leo Rey, with Yanson matriarch Olivia Yanson as corporate secretary and treasurer. Those who attended the stockholders meeting elected the company’s 2020 board of directors, which included Leo Rey, Olivia, Ginnette Dumancas, Charles Dumancas, Anita Chua, Rey Ardo and Daniel Nicolas Golez.
The stockholders also ratified the acts of the board of directors led by Leo Rey. The elected directors and officers of Rural Transit will serve for one year or until their successors shall have been duly elected and qualified.