Soriano Reelected SMC Chairman
PSE Circular for Brokers No. 776-98 • Philippine Stock Exchange • Circulars for Brokers • Apr 23, 1998
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April 23, 1998 PSE CIRCULAR FOR BROKERS NO. 776-98 April 22, 1998 SORIANO REELECTED SMC CHAIRMAN Andres Soriano III was reelected as chairman of the Board of Directors and chief executive officer of San Miguel Corporation yesterday (April 22, 1998) Renato C. Valencia kept his post as the Board's vice chairman while Francisco C. Eizmendi, Jr. was reelected SMC president and chief operating officer. The SMC Board held its organizational meeting at noon yesterday following Tuesday's annual stockholders' meeting to elect its key officers. The other key officers reelected by the Board are Delfin C. Gonzalez, Jr. as executive vice president and chief finance officer and treasurer, Faustino F. Galang as EVP and chief business strategist, retired Justice Jose Y. Feria as corporate secretary and Attorney Lorna P. Kapunan as assistant corporate secretary. Atty Francis H. Jardeleza was elected senior vice president general counsel and assistant corporate secretary. The Board also passed a resolution expressing appreciation for the valuable services rendered by former directors Luis Mirasol, Teodoro Locsin, Jr. Jaime Calpo and Emmanuel Cruz. cdlex The Board also approved a resolution authorizing the issuance of long term commercial papers of up to P2.5 billion and short term commercial papers of up to P1 billion. At Tuesday's stockholders' meeting, four new directors were elected by stockholders to the SMC Board. They are Manuel Cojuangco, Estelito Mendoza, Gabriel Villareal and Roberto Romulo. The other Board members reelected during Tuesday's meeting are Tirso Antiporda, Julieta Bertuben, Cesar Sarino, Ide Tillah, Victor Ziga, Tomas Padilla, Eduardo Soriano and Oscar Hilado. SMC stockholders also ratified and approved the Board's plans to sell the shares the company will receive as a result of Coca-Cola Amatil's intended spin-off of its European business into a separate corporation named Coca-Cola Beverages. This move is consistent with the SMC Board's thrust to retain focus of its operations in the Asia-Pacific region. Also approved by stockholders was an amendment in the company's by-laws to increase the number of working days to close the stock transfer books from 20 days to 45 days to provide ample time for certain requirements of the new proxy rules to be met. cdll
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