Basic Energy (BSC) went out of its way to clarify that its chairman, San Miguel Corp. director Ramon Villavicencio, is not the majority owner of the company.
M2DC is a Philippine registered company engaged in real estate acquisition, development and management, as well as in investing in real properties and acquiring shares of stocks of viable corporations to exercise rights of a shareholder.
“M2DC believes that the company is a perfect vehicle for its investment in the energy sector,” Basic Energy said.
“There have been misconceptions that the chairman of the board equates to being the majority shareholder of the company. It is being clarified that the chairman of the board is not the majority shareholder of Basic Energy Corporation,” said BSC in a disclosure.
“The personality of the chairman of the board of Basic Energy is distinct and separate from that of its current majority shareholder – MAP 2000 Development Corporation (M2DC),” it added.
MD2C, which is 90 percent owned by Villavicencio’s son, Rafaelito, is primarily engaged in real estate development but it owns 55 percent of one of the major petroleum retailers in the country, Fiil Gas and Energy.
M2DC splashed out P2.8 billion for a 67 percent stake in BSC in December 2020.