Nominees named to MRT board as ex-labor chief eyed as chair
05/27/2009 | 04:54 PM
MANILA, Philippines - Three government nominees have already been named to the board of Metro Rail Transit Corp. (MRTC), the operator of the elevated train system along EDSA.
Submitted by Land Bank of the Philippines, the three nominees are Land Bank executive vice president for institutional banking Cecille Borromeo, Alex Macapagal, Land Bank executive vice president and treasurer, and Land Bank board director Cyril del Callar.
Land Bank, a co-equal partner of fellow buyer Development Bank of the Philippines (DBP), has two more slots to fill in the MRTC board, Land Bank president and chief executive officer Gilda Pico said.
Former labor secretary Patricia Sto. Tomas is being eyed to become the MRTC board’s chairman, sources familiar with the matter said.
The DBP is expected to announce its own nominees to the MRT 3 board soon.
Land Bank and DBP, the two largest government banks, have jointly secured majority control of the train system after having acquired 75 percent stake which is worth anywhere from $800 million to $900 million.
By agreeing to share the acquisition cost, both lenders have helped save some $380 million, based on estimates made by the Department of Finance (DOF).
Both lenders are qualified to name 14 of the 15 member MRTC board.
MRTC used to be controlled by a holding company, MRT Holdings Inc., a consortium that originally consisted of Ayala Land Inc., Anglo Philippines Holding Corp., Fil-Estate Management Inc., Ramcar Inc., and Greenfield Development Corp.
Among the private sellers were Goldman Sachs (which bought the interest of the Sobrepeña family), Ayala Corp., the group of Anglo-Philippine Holdings Corp. led by businessman Alfredo Ramos, Unilab and Ramcar.
The remaining 25 percent are bonds held by creditor banks including the Philippine Bank of Communications, Bank of Commerce, and United Coconut Planters Bank.
For his part, DBP president Reynaldo David said that the National Development Corp. (NDC), a state-led investment firm, may borrow to buy out the stake of DBP and Land Bank.
“Our strategy is to clean it up and fix it up for eventual resale," he earlier said. - GMANews.TV
Submitted by Land Bank of the Philippines, the three nominees are Land Bank executive vice president for institutional banking Cecille Borromeo, Alex Macapagal, Land Bank executive vice president and treasurer, and Land Bank board director Cyril del Callar.
Land Bank, a co-equal partner of fellow buyer Development Bank of the Philippines (DBP), has two more slots to fill in the MRTC board, Land Bank president and chief executive officer Gilda Pico said.
Former labor secretary Patricia Sto. Tomas is being eyed to become the MRTC board’s chairman, sources familiar with the matter said.
The DBP is expected to announce its own nominees to the MRT 3 board soon.
Land Bank and DBP, the two largest government banks, have jointly secured majority control of the train system after having acquired 75 percent stake which is worth anywhere from $800 million to $900 million.
By agreeing to share the acquisition cost, both lenders have helped save some $380 million, based on estimates made by the Department of Finance (DOF).
Both lenders are qualified to name 14 of the 15 member MRTC board.
MRTC used to be controlled by a holding company, MRT Holdings Inc., a consortium that originally consisted of Ayala Land Inc., Anglo Philippines Holding Corp., Fil-Estate Management Inc., Ramcar Inc., and Greenfield Development Corp.
Among the private sellers were Goldman Sachs (which bought the interest of the Sobrepeña family), Ayala Corp., the group of Anglo-Philippine Holdings Corp. led by businessman Alfredo Ramos, Unilab and Ramcar.
The remaining 25 percent are bonds held by creditor banks including the Philippine Bank of Communications, Bank of Commerce, and United Coconut Planters Bank.
For his part, DBP president Reynaldo David said that the National Development Corp. (NDC), a state-led investment firm, may borrow to buy out the stake of DBP and Land Bank.
“Our strategy is to clean it up and fix it up for eventual resale," he earlier said. - GMANews.TV
