MANILA, Philippines - Mirzan Mahathir, the eldest son of former Malaysian prime minister Mahathir Bin Mohamad, quit his post as board member of conglomerate San Miguel Corp.
In a disclosure to the Philippine Stock Exchange, San Miguel said Mahathir's resignation took effect on April 15. The company did not cite any reason for Mahathir's resignation.
San Miguel president and chief operating officer Ramon S. Ang, in a text message to reporters, said Mahathir will stay as a director of Petron Corp., and other power and infrastructure units of the conglomerate.
Mahathir was one of the incorporators of Q-Tech Alliance Holdings Inc., which last year, acquired a 19.9% stake in San Miguel, controlled by Japan's Kirin Holdings Inc. This earned Mahathir a post in the San Miguel board.
Aside from Mahathir, other incorporators of Q-Tech include former trade minister Roberto Ongpin and his nephew Eric O. Recto, Seumas James Dawes who is a senior fund manager of UK-based Ashmore group, QTel Al Sadd Holdings SPC from Bahrain and Alexander J. Poblador.
Earlier this month, Q-Tech sold nearly half of its stake in San Miguel to Top Frontier Holdings. The transaction was done through a special block sale involving 327 million San Miguel shares pegged at P66 apiece.
Top Frontier still has an option to acquire the remaining 302 million Q-Tech shares in San Miguel common shares, and rights over various mining assets.
Mahathir, who previously worked for IBM Corp. and Salomon Brothers, manages his diverse interests in the region through his company, Peringkat Prestasi. Mahathir also has a significant stake in Lion Corp., but his major interest is Konsortium Perkapalan Bhd, a listed haulage and logistics company which controls almost half of Malaysia's road freight market.
He is also chairman and CEO of Crescent Capital Sdn. Bhd, a Malaysian investment holding and independent strategic and financial advisory firm which he founded.
The former investment banker is also chairman and CEO of Crescent Capital Sdn. Bhd, a Malaysian investment holding and independent strategic and financial advisory company which he founded. http://www.abs-cbnnews.com/business/04/26/10/mahathir-quits-san-miguel-board-0
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MANILA, Philippines - Mirzan Mahathir, the eldest son of former Malaysian prime minister Mahathir Bin Mohamad, quit his post as board member of conglomerate San Miguel Corp.
In a disclosure to the Philippine Stock Exchange, San Miguel said Mahathir's resignation took effect on April 15. The company did not cite any reason for Mahathir's resignation.
San Miguel president and chief operating officer Ramon S. Ang, in a text message to reporters, said Mahathir will stay as a director of Petron Corp., and other power and infrastructure units of the conglomerate.
Mahathir was one of the incorporators of Q-Tech Alliance Holdings Inc., which last year, acquired a 19.9% stake in San Miguel, controlled by Japan's Kirin Holdings Inc. This earned Mahathir a post in the San Miguel board.
Aside from Mahathir, other incorporators of Q-Tech include former trade minister Roberto Ongpin and his nephew Eric O. Recto, Seumas James Dawes who is a senior fund manager of UK-based Ashmore group, QTel Al Sadd Holdings SPC from Bahrain and Alexander J. Poblador.
Earlier this month, Q-Tech sold nearly half of its stake in San Miguel to Top Frontier Holdings. The transaction was done through a special block sale involving 327 million San Miguel shares pegged at P66 apiece.
Top Frontier still has an option to acquire the remaining 302 million Q-Tech shares in San Miguel common shares, and rights over various mining assets.
Mahathir, who previously worked for IBM Corp. and Salomon Brothers, manages his diverse interests in the region through his company, Peringkat Prestasi. Mahathir also has a significant stake in Lion Corp., but his major interest is Konsortium Perkapalan Bhd, a listed haulage and logistics company which controls almost half of Malaysia's road freight market.
He is also chairman and CEO of Crescent Capital Sdn. Bhd, a Malaysian investment holding and independent strategic and financial advisory firm which he founded.
The former investment banker is also chairman and CEO of Crescent Capital Sdn. Bhd, a Malaysian investment holding and independent strategic and financial advisory company which he founded.
http://www.abs-cbnnews.com/business/04/26/10/mahathir-quits-san-miguel-board-0
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