First Pacific management loses biggest players<\/p>\n
HONG KONG (AFP): Indonesian tycoon Sudono Salim and his
\npartner Sudwikatmono have stepped down from the management of the
\nHong Kong-based First Pacific Co. Ltd, the company announced on
\nThursday.<\/p>\n
The company said Manuel Pangilinan was also stepping down as
\nmanaging director and would take up a new position as the
\ncompany's executive chairman to \"devote more time to the
\ncompany's substantial investments in the Philippines.\"<\/p>\n
Pangilinan will be succeeded by executive director Thomas
\nYasuda.<\/p>\n
Pangilinan will succeed Sudono Salim, who is retiring from the
\nboard.<\/p>\n
Pangilinan was quoted as saying: \"First Pacific's largest
\nsingle management task right now is the Philippines and I wish to
\ndevote myself more fully to overseeing our progress there.\"<\/p>\n
Sudwikatmono, one of the original investors in First Pacific,
\nis also stepping down as a non-executive director. He will join
\nSalim as an advisor to the board, the statement added.<\/p>\n
In other management changes, Ronald Brown, who has served as
\ngroup legal counsel and company secretary, was named executive
\ndirector.<\/p>\n
James Ng, managing director and chief executive of First
\nPacific Bank, is to become an executive director of First
\nPacific.<\/p>\n
First Pacific Co. Ltd. said it had also sold one of its units
\nas part the ongoing restructuring exercise.<\/p>\n
FPD Guardforce Holdings Ltd. was sold to Williams plc for
\nUS$120 million, First Pacific said in a statement.<\/p>\n
It called the sale a further step in the company's
\nrestructuring process, \"which is refocusing the group's
\ninvestments on a select group of brand-oriented blue chip Asian
\ncompanies that dominate their local markets, or possess the
\npotential to do so.\"<\/p>\n
\"In addition to these major companies -- which currently
\ninclude Indofood in Indonesia, Berli Jucker in Thailand and
\nPLDT\/Smart and Fort Bonifacio in the Philippines -- the group
\nshall continue to own second-tier companies which will grow to
\nsubstantial size or ultimately divest.\"<\/p>\n
Executive director Thomas Yasuda said the sale was \"another
\nimportant step\" in First Pacific's effort to position itself \"to
\nbenefit from opportunities arising in the new operating
\nenvironment that is emerging in the region.\"<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/first-pacific-management-loses-biggest-players-1447893297",
"image": ""
},
"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
}