No plan to sell Equitable PCI shares -- Romualdez family

REPORT FROM BUSINESSWORLD The Romualdez family will not sell its 7.13% stake in Equitable PCI Bank, contrary to the allegations of the government. "That is speculation. We are not planning on selling our shares," businessman Ferdinand Martin G. Romualdez said in an interview. The Romualdez clan owns the stake through Trans Middle Equities (TMEQ), whose ownership is being contested by the Presidential Commission on Good Government (PCGG) before the Sandiganbayan. The government earlier asked the anti-graft court to prevent the Romualdezes from voting the Equitable PCI shares under TMEQ during the bank’s stockholders’ meeting last Tuesday. The government said the family was planning to dispose of the stocks, which it said would nix government efforts to get hold of the alleged ill-gotten wealth. The Sandiganbayan granted the plea and barred both the family and the PCGG from voting the shares. As a result, Mr. Romualdez, who was the vice chairman, lost his board seat. Although he was nominated, Mr. Romualdez did not receive enough votes to remain in the board. Antonio A. Henson was elected as the newest board member. Mr. Henson will be joining Corazon S. dela Paz, Teresita Sy-Coson, Winston F. Garcia, Rene J. Buenaventura, Nazario S. Cabuquit, Jr., Fulgencio S. Factoran, Jr., Ma. Luz C. Generoso, Ramon J. Jabar, Reynaldo P. Palmiery, Edmundo L. Tan, Josefina N. Tan and Exequiel P. Villacorta, Jr. Jesus G. Tirona was again named independent director while Peter D. Agrucho replaced Anthony M. Te as the other independent director. Ms. Dela Paz, who is president and chief executive officer of the Social Security System, remained chairman. Ms. Sy and Mr. Garcia also retained their positions as vice chairmen. Equitable PCI shares on Wednesday dropped to P60 from P71 apiece. -- M.E.P.O./BusinessWorld