`Danding' allies lead Centennial mgm't team

Centennial City Inc. (CCI) installed a new management team led by stalwarts of Eduardo `Danding' Cojuangco Jr. to gear up for the full-blast mixed-used development of its P30-billion, 750-hectare property.

In its recent stockholders' meeting, Ramon S. Ang, the right hand man of San Miguel Corp. chairman Eduardo Cojuangco Jr., was elected chairman and chief executive officer while another Cojuangco ally, Lorenzo V. Tan, president and CEO of the United Coconut Planters Bank, became treasurer.

The other officers are Micky S. Yong, president and chief operating officer, Federico Y. Cadiz, senior vice president and general manager, Mario Surio, vice president-technical, Peter C. Suchianco, vice president for legal affairs, and Ray Espinosa, corporate secretary.

The new board, in its first meeting, also approved the change of the corporate name into Cyber Bay Corp. to accommodate the company's plans to also build an IT (information technology) park.

Also approved was the increase in the company's authorized capital stock from P8 billion to P18 billion to be divided into 14.3 billion common shares, 700 million preferred shares and three billion convertible preferred shares with a par value of P1 per share.

The recapitalization will enable the company to settle its liabilities of about P1 billion in loans and advances.

Company officials said that the ongoing reorganization is necessary as the corporation continues its negotiation with a still unidentified potential strategic partner. The new management team will be crucial to the coming on board of its new strategic partner.

Under the reorganization plan, Centennial City will raise P10 billion to bankroll its proposed development project. This will come from the new investor and some of its creditors who will be issued shares in exchange for converting outstanding obligations.

Company officials said the potential strategic shareholder, is also willing to invest in non-real estate development projects that Centennial City will hatch, among them, the IT park.

They said that once Centennial City concludes a deal with the strategic investor, the company will apply for incentives provided by the Philippine Economic Zone Authority.

Officials refused to confirm talks that Cojuangco is the one they are negotiating with despite the entry into the firm of Ang and Tan.

While it will also go into IT development, Centennial City will still be basically a mixed-used development project with a golf course, a residential development, a marina complex, and a business park.