The Basic Energy board revamp came as it signed the sale of a 67 percent stake in the company for P2.8 billion to MAP 2000 Development Corp. (M2DC), the parent of Filoil Gas and Energy. Filoil is owned by San Miguel Corp. director Ramon F. Villavicencio.
In a meeting on May 12, the Basic Energy board appointed Henares as indpedendent director in place of former Energy Secretary Eduardo V. Manalac who resigned.
The board also appointed Filoil Loigistcs VP Maria Rosette Geraldine L. Oquias, and Martinez Vergara Gonzalez & Serrano Law partner Manuel Z. Gonzalez (former partner at Picazo Buyco Tan Fider & Santos) to fill the seats left by Isidoro O. Tan and Ma.Florina M. Chan.
Filoil group’s backdoor listing through Basic Energy was announced four months ago and it was carried out through Villavicencio’s son, Rafael, who was friends with De Venecia’s son, Oscar “Carey” De Venecia Jr.