In a significant reshuffling of leadership, James Lorenzana, president of the Okada Foundation, has been appointed chairman of Ferronoux Holdings Inc., following the resignation of Michael C. Cosiquien from the company’s top post. Cosiquien, who also served as the president of Ferronoux, stepped down after the company’s major shareholder, ISOC Holdings Inc., completed a substantial share sale.
As part of the management overhaul, Abel M. Almario, a seasoned lawyer, was named president, while Johannes R. Bernabe has been appointed CFO and treasurer, replacing Erwin Terrell Y. Sy. Additionally, Fiorello Raymundo Jose was elected as a new director, taking over from Michelle Joan G. Tan, who also resigned.
The restructuring comes on the heels of ISOC Holdings, controlled by Cosiquien, divesting its 133.53 million Ferronoux shares to Themis Group Corp. for approximately P297 million, or P2.2242 per share. Themis, in accordance with regulatory requirements, is expected to conduct a mandatory tender offer for the shares it does not already own.
After the sale, ISOC remains the majority stakeholder in Ferronoux, holding 51 percent of the company’s 261.82 million common shares. However, Themis Group is set to increase its stake through a planned private placement subscription of an additional 80 million shares. This move would reduce ISOC’s holdings to 39.06 percent of the company’s total outstanding capital stock, which will rise to 341.82 million common shares post-subscription.
Themis Group’s acquisition strategy hints at further changes, including a potential backdoor listing through a share swap involving a P4.31 billion prime property adjacent to Okada Manila. Sources close to Themis indicate that this move is aimed at accelerating the company’s growth and market presence.
The property-for-share swap also comes on the heels of Ferronoux’s recent board approval for the issuance of up to 918 million common shares at P4.70 per share. These shares will be exchanged for three prime parcels of land owned by Eagle 1 Landholdings Inc. located in Brgy. Tambo, Parañaque City, adjacent to Okada Manila. The properties, which cover a total of 94,144 square meters, are intended for joint development between Ferronoux and Eagle 1, with the casino complex’s support facilities currently housed on the land.
This series of developments signals a period of transformation for Ferronoux, with the company’s leadership shift and strategic property ventures likely to influence its future trajectory.
