Lopez elected as president of Vallacar Transit Inc.
MANILA, Philippines — Stockholders of Vallacar Transit Inc. (VTI), the largest subsidiary of Yanson Group of Bus Companies, has elected Ma. Lourdes Celine Lopez as their president and chairman.
According to a statement released Monday, the election took place Saturday during an annual shareholders meeting held in SEDA Capitol Central Hotel in Bacolod City.
The meeting, which was presided by Carlo Joaquin Narvasa as a proxy for Lopez, “was attended by stockholders representing 61.17% of the outstanding capital stock of the corporation.”
Lopez, her siblings Roy Yanson, Ricardo Yanson Jr., and Emily Yanson – collectively known as the Yanson four – figured in a family dispute over control of VTI, a transport firm that has a fleet of 4,800 buses and which employs more than 18,000 nationwide.
On Saturday, shareholders reelected all four Yanson siblings as officials of the VTI board for the year 2020 to 2021.
“The shareholders ratified all acts and transactions of the Board of Directors and management of the corporation under the leadership of its President Ma. Lourdes Celine Y. Lopez,” the statement read.
“In the organizational meeting that followed, the directors elected Ma. Lourdes Celine Y. Lopez as President, Roy V. Yanson as Vice-President for Operations, Emily V. Yanson as Treasurer and Chief Financial Officer, Ricardo V Yanson Jr. as Corporate Secretary, Anna Isabella C. Galvez as Assistant Corporate Secretary, and Carlo Joaquin T. Narvasa as Vice-President for Legal,” it added.
In September, the Yanson siblings won a legal battle after the Office of the Regional Prosecutor in Dumaguete City dismissed a trespassing case filed against them by their mother, Olivia Yanson.
A trial judge in Bacolod City in May has also ordered the arrest of the four Yanson siblings in connection with grave coercion charges.
Parent company Yanson Group is one of the largest bus conglomerates in Southeast Asia. It was established in 1968 by the family patriarch, Ricardo Yanson Sr.
Currently, VTI has 15 bases of operations in the cities of Bacolod, Iloilo, Dumaguete, Cebu, Cagayan De Oro, Butuan, Davao, Pagadian, Dipolog, Bohol, and Batangas.
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