Battle for Vallacar bus company continues

MANILA, Philippines — The battle for control of the country’s biggest bus company Vallacar Transit Inc. continues with both Yanson family factions holding on Saturday two separate annual shareholders’ meetings.

The two family factions are the so-called YansonTwo comprising of Leo Yanson and sister Ginnette Yanson-Dumancas, together with their mother, family matriarch Olivia Yanson on the one hand; and the other group comprising of the Yanson Four which includes the remaining four Yanson siblings, Ma. Lourdes Celina Yanson-Lopez, Roy Yanson, Ricardo Yanson Jr. and Emily Yanson.

The Yanson Two held their annual shareholders meeting on Saturday morning and elected their board of directors. This group re-appointed Leo Yanson as the president of the company.

The Yanson Four which claim to have the majority stake in the company, meanwhile, conducted another ASM on Saturday afternoon at the Seda Hotel in Bacolod City.

This was presided by Roy Yanson as chairman of the meeting. Representatives from the Securities and Exchange Commission’s Bacolod Extension Office were in attendance to witness the proceedings, the Roy Yanson-group said.

Under the company’s by-laws, the annual stockholders’ meeting of the company should be held every first Saturday of December.

The stockholders meeting led by the so-called Yanson Two faction elected matriarch Olivia Yanson, Leo Yanson, Ginnette Yanson-Dumancas, Charles Dumancas, Arvin John Villaruel, Anita Chua and Daniel Nicolas Golez as members of the board of directors.

The meeting was presided over by its chairman and president Leo Yanson, with mother Olivia Yanson as corporate secretary.

Following the election of the directors, the board held an organizational meeting and re-appointed Leo Yanson as the president of the company and Olivia Yanson as treasurer and corporate secretary.

On the other hand, the Yanson Four held their meeting in the afternoon.

Shareholders representing over 61 percent of the company’s shares were in attendance in that meeting and directors constituting the majority were elected, the group said.

In the organizational meeting that followed, the new directors now constituting the company’s board for 2019-2020 elected Ma. Lourdes Celina Yanson-Lopez as president, Roy Yanson as vice-president for operations, Ricardo Yanson Jr. as secretary, Emily Yanson as treasurer and Jose Jonathan Ealdama as VP for Legal. They took their oath of office before a Notary Public for Bacolod City immediately after the meeting.

Vallacar Transit Inc. is the largest subsidiary of the Yanson Group of Bus Companies and is the company behind Ceres Liner and Sugbo Transit. It has 15 bases of operations in the cities of Bacolod, Iloilo, Dumaguete, Cebu, Cagayan De Oro, Butuan, Davao, Pagadian, Dipolog, Bohol and Batangas.