BIZ BUZZ: Wack Wack club conundrum
It looks like things are coming to a head at Wack Wack Golf and Country Club, and it looks like things will become a lot more “interesting” in the coming weeks.
According to one source, an emergency meeting was called this week by the club’s board of directors to deal with the issues that are emerging about the disputes within the exclusive organization.
In fact, someone told Biz Buzz that it’s been suggested among some of the current leaders to actually expel Maurice Laude from the club for having the temerity to complain about the barbed wire fence and trees they put up between the golf course and his perimeter home.
In any case, the big event all members are now waiting for is the supposedly annual elections for the club’s board of directors.
We say “supposedly” because the last elections were held in June of 2021 (someone said that didn’t have a quorum). No elections were held last year, 2022, and everyone was made to serve in a holdover capacity since the board decided not to have elections that year because of the pandemic, we’re guessing.
In any case, this June will be the chance of the club’s members to either give the current management the thumbs up or the thumbs down for their performance this last few years.
Incidentally, Sen. JV Ejercito—a former president of the club—resigned from the board in July of 2021, saying he could not “be a part of a board that is clouded by suspicions of alleged fraud during the elections.” Whoopsie.
“Retaining a seat in the board is not worth sacrificing my principles for,” he added. This probably explains the senator’s tweet earlier this week lashing out at the club’s management after Biz Buzz published details about the fence line issue with Laude.
In any case, we’ll be bringing our readers more details (including the board’s side, of course) as this controversy unfolds. Watch this space, folks.
—Daxim L. Lucas
BIZ BUZZ: The war in Wack Wack
Oversubscribed
It looks like the initial public offering (IPO) of renewable energy firm Alternergy Holdings Corp. is off to a good start.
Biz Buzz heard that the company’s underwriters have now received all the orders from the 124 trading participants (meaning stock brokerage firms) of the Philippine Stock Exchange following the deadline for submission at the end of business last Wednesday. And the word is that the IPO is now officially oversubscribed.
We don’t have the exact number yet, but we’ll get that to you, our readers, as soon as it becomes available. The company is looking to raise P1.6 billion in funding in what is this year’s first IPO.
Of course, that amount is normally not a big deal for this market, but given the volatility which equities markets globally are experiencing, just getting to this point is already a big achievement for Alternergy founder Vince Perez and his team.
—Daxim L. Lucas
Younger than ever
Philippine Airlines (PAL), the oldest commercial carrier in Asia, just marked its 82nd year of operations, and it has never felt younger as it continues to make its services fresh for the customers.
“With such a colorful history and after all the challenges we have surpassed, PAL is determined to get even better with age. So, ironically, at 82, you can say we are younger and more dynamic as we keep pace with our customers,” PAL director Lucio Tan III said during a recent press briefing in Manila.
For one, the flag carrier will open the new Mabuhay Lounge for international departures at Ninoy Aquino International Airport’s Terminal 1 this year. The lounge is envisioned to have a “contemporary design and a younger, trendier vibe to go with PAL’s brand of customer service.”
Leaning on digitalization, PAL is introducing MilesBack program, which is an online service portal allowing passengers to earn points when transacting with the airline’s partner merchants.
Also, PAL is “upgrading and redefining our in-flight experience,” PAL president Stanley Ng said, with their anniversary menu that features meals like tiger prawn sinigang and adlai champorado.
“We look forward to serving them well and inspiring more people to fly and discover new experiences with PAL,” Ng said.
—Tyrone Jasper C. Piad
Succession
In about a month, Lucio Tan III is set to lead LT Group Inc. as its president as the “transition period” agreed upon by the company’s board last year is about to conclude. He will be replacing his uncle, Michael Tan, who has served the position for about a decade.
Lucio III, who has taken more responsibilities in the family business after his father Lucio “Bong” Tan Jr. died in 2019, is currently serving as the chief operating officer and vice chair of the group engaged in liquor, banking and tobacco, among others.
“With regards to my overall transition, it’s been very good. I’ve been getting a lot more acclimated into the situation, trying to understand the businesses a lot more,” he said.
“It is interesting to see how everything unfolds,” he added.
The younger Tan, who is also a director at the Philippine Airlines, has been quite busy given the multiple companies in their conglomerate’s portfolio.
Nevertheless, he values having time for himself.
“I am trying to allocate several hours per week to have personal time as well,” Lucio Tan’s grandson said.
