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December 26, 2007 |
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PHILCOMSAT: Poblador-Locsin Group Protests Rival's Takeover The Poblador-Locsin group in the Philcomsat Holdings Corp. board is protesting the forced takeover of PHC offices by the Bildner- Africa faction in the Sandiganbayan, saying that the Bildner- Africa members' election as government representatives in the PHC group is based on bogus letters of representation, the Philippine Daily Inquirer reports. The Troubled Company Reporter-Asia Pacific reported on Nov. 21, 2007, that the government appointed new nominees into the boards of PHC's parent companies Philippine Communications Satellite Corp. and Philippine Overseas Telecommunications Corp., reportedly replacing the Locsin-Poblador group as government representatives on the boards of these companies. Presidential Management Staff Undersecretary Enrique Perez and Department of Justice lawyers represented the government's 35% holdings during the stockholders meeting. The new group said that they are set to take over PHC, which is still under the management of the Locsin-Poblador group, the report said. According to the group's lawyer Atty. Pitero Reig, the Ilusurio- Bildner group used letters signed by Bernardo Aves, former Government Service Insurance System chairman, and Solicitor General Agnes Devanadera to vote themselves onto the boards of POTC and Philcomsat, the Inquirer reported. Atty. Reig also said that only the Presidential Commission on Good Government could vote the shares in the sequestered companies, and added that they have critical appointment documents signed by the President herself, the Inquirer related. Philcomsat Holdings Corporation -- formerly Liberty Mines, Inc. -- was incorporated on May 10, 1956. During the 70s and early 80s when the country experienced a boom in geophysical and drilling activities both offshore and onshore, Philcomsat Holdings was one of the active participants in search of oil. The company has since withdrawn from oil exploration because there was no commercial discovery of oil. On January 10, 1997, the company approved amendments to its Articles of Incorporation, changing its primary purpose from embarking in the discovery, exploitation, development and exploration of mineral oils, petroleum in its natural state, rock or carbon oils, natural oils and other volatile mineral substances to a holding company. According to a Troubled Company Reporter-Asia Pacific report on May 18, 2006, Philcomsat Holdings has not declared dividends for the past two fiscal years. Philcomsat is involved in an anomaly brought about by huge losses. The company reported a PHP6.965-million loss in 2004 and a PHP22-million loss in 2005. The Philippine Senate has initiated an inquiry into the matter. Moreover, according to press reports, a huge fraction of the shareholdings of Philcomsat, which is said to be ill-gotten, had been confiscated by the Government. |
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