SP New Energy Corp. announced on Tuesday that its board has accepted the resignation of Pedro Emilio Roxas as an independent director of the listed renewable energy corporation.
According to SPNEC, Roxas cited “personal reasons” for relinquishing his seat on the board of the energy firm, which recently saw a shift in control to billionaire Manuel V. Pangilinan’s group from young billionaire Leandro Leviste.
Roxas is chairman of Roxas and Co. and an independent director of Manila Electric Co. He joined the board of SPNEC in late December, along with Pangilinan and Amanda Roselle Bengson.
While Roxas’ resignation is attributed to personal reasons, speculation arises regarding its potential connection to Leviste’s redevelopment plan for Roxas Holdings’ extensive landholdings in Nasugbu, Batangas—a plan the Roxas Group is reportedly resisting.
Leviste, through his privately-held Countryside Investment Holdings Corp., recently inked a deal with the MVP Group to acquire 71 percent of Roxas Holdings.
Simultaneously, SPNEC’s board approved the filing of an application with the Philippine Stock Exchange to list 40.07 billion outstanding but previously unlisted shares of the company. Despite the significant stake sale to the MVP Group, Leviste still retains approximately 37.9 percent ownership of the renewable energy company.
