Opinion on news?
https://manilastandardtoday.com/2012/08/23/ricafort-de-jesus-elected-to-nadecor-board/
Industrialist Jose Ricafort and former Transportation secretary Jose de Jesus were elected chairman and president, respectively, of Nationwide Development Corp. at a board meeting immediately following the annual stockholders’ meeting.
Nadecor held the yearly business gathering Wednesday at its principal offices in Jollibee Center in Pasig City as mandated by the firm’s bylaws. Also attending the meeting was a representative from the Securities and Exchange Commission.
The entire lineup of the Nadecor board includes Ricafort, De Jesus, Teodorico Taguinod, Manuel Paolo Villar, Antonio Henson, Etherwoldo Fernandez, Ma. Nalen SJ Rosero Galang, Victor Lazatin and Angel Ong.
The stockholders ratified all the acts of the board, including the approval of the 2011 audited financial statements and all contracts entered into by the Nadecor management. They also reappointed SGV and Co. as the firm’s external auditor.
The voting began immediately after Taguinod, the acting chairman, called the yearly meeting to order after the verification of a quorum. Nadecor corporate secretary Deo Contreras Jr. certified that 62 percent of shares were represented in the annual meeting.
Earlier, Queensberry Mining and Development Corp., a company owned by the Villar family, subscribed to 30 million shares of Nadecor, representing 25 percent of the authorized capital stock of the company. Queensberry representatives were also present at the stockholders’ meeting.
Nadecor holds a mineral production sharing agreement over the Kingking mining project in the municipality of Pantukan, Compostela Valley province. The mining area, covering 1,656 hectares, has estimated deposits of 10.3 million ounces of gold and 5.4 billion pounds of copper.