Robbie Antonio quits Century Properties board amid woes in separate firm
MANILA, Philippines—Businessman Jose Roberto “Robbie” Antonio has stepped down from the management team and board of Century Properties Group Inc. (CPG) on the heels of a controversy surrounding his own prefabricated housing company, Revolution Precrafted Properties Inc.
In a special board meeting on Monday (Feb. 22), CPG’s board accepted Antonio’s resignation as co-managing director and member of the board, effective immediately.
“The board noted that the reason for his resignation is to allow him to focus on addressing the pressing issues in his own company and its allied businesses,” CPG disclosed to the Philippine Stock Exchange on Monday.
By quitting CPG, a company founded by his father and led by the Antonio family, Antonio seeks to insulate the publicly-listed firm from Revolution Precrafted’s current woes.
This was after a group of contractors and suppliers filed a complaint at the National Bureau of Investigation (NBI) alleging that Revolution Precrafted failed to honor contractual obligations. They claimed that Revolution Precrafted, erstwhile a high-flying start-up that even obtained fresh equity based on pricing that made it a “unicorn” or a new company valued at $1 billion in 2017, was unable to pursue contracted projects because it could not obtain the required government clearance.
Antonio, for his part, earlier said that Revolution Precrafted, like many companies, was not exempt from market challenges brought by the COVID-19 pandemic. He admitted that this public health crisis had hurt his company’s sales, collections and operations.
“Nonetheless, the company sincerely assures its stakeholders that it will honor all legitimate contractual obligations with its partners and suppliers, and only ask for some time consideration to resolve its issues,” Antonio said.
“In parallel, we will also work in earnest to collect what is due the company,” he added.
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