Roxas & Co Inc. independent director Aurelio Montinola III resigned from his post after Stonebridge Corp., a company associated with his wife, acquired a 9-percent stake in the company.
“The company recently sold treasury shares to a real estate company associated with his wife which consequently disqualifies him from serving the company as an independent director,” RCI said. The shares form part of the 299.43 million treasury shares that RCI sold on Friday at P2 per share, a steep discount to the stock’s current market price.
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