MANILA - Metro Pacific Investment Corp said on Wednesday Manny Pangilinan would continue serving as Chairman, President and CEO of the company in the foreseeable future.
This, after reports said the tycoon was mulling retirement.
In a disclosure to the stock exchange, MPIC said Pangilinan was making plans for eventual retirement which is in line with the company's Succession Planning Policy.
"The news article refers to a succession plan that Mr. Pangilinan is putting in place, consistent with the Company’s Succession Planning Policy. Mr. Pangilinan will remain to be the Company’s Chairman and President and CEO for the foreseeable future," the company said.
MPIC said it is also receiving a lot of interest from investors but it has not entered into any definitive agreement for an acquisition by any party of a substantial interest.
In an earlier disclosure, the company said it is also discussing several options for the benefit of MPIC and its stakeholders, including delisting from the Philippine Stock Exchange.
"However, while delisting has been discussed as an option, no final decision has been made to date. This remains true to date, and no event has occurred to date which requires a disclosure to the PSE and the Honorable Commission," it said.
MPIC said it would continue complying with the implementing rules of the PSE and the Securities and Exchange Commission in terms of filing disclosures when needed for the benefit of the trading participants and the public.