MANILA, Philippines — Davao-based businessman Dennis Uy has joined the board of Atok-Big Wedge Co. Inc., one of the country’s oldest mining firms, as its new vice chairman and independent director.
Uy’s entry into Atok surprised stock analysts as it forms an unlikely alliance with tycoon Roberto Ongpin, the company’s chairman, who President Duterte in 2016 singled out as an “oligarch who must be destroyed.”
On the other hand, Uy, is a known supporter and ally of President Duterte. He is chairman and president of the Udenna Group, a rapidly expanding conglomerate with interests in petroleum distribution, logistics, infrastructure, and retail.
Uy, founder and CEO of flagship oil player Phoenix Petroleum, is also the honorary consul of Kazakhstan and Duterte’s special adviser on sports.
Joining Uy for the first time in Atok’s board as independent director is Lorenzo Tan, former president and CEO of Yuchengco-owned Rizal Commercial Banking Corp.
Paul Francis Juan, current assistant to the president of Apex Mining Co., completes the list of three new directors.
Tan is an established banker who served as president and CEO of RCBC and president of the Bankers Association of the Philippines from 2013 to 2016. Juan is a director of Brownfield Holdings Corp., North Kitanglad Agricultural Co. Inc., PBJ Corp. and Pacific Bougainville Holdings Corp.
Reelected to the Atok board were incumbent directors Ongpin, Eric Recto, Walter Brown, Mario Oreta, Anna Bettina Ongpin, Michael Asperin, Dennis Valdes, Cliburn Orbe, Peter Castelo, Margarito Teves and Gregorio Araneta III.
Ongpin was re-elected chairman and CEO, while Recto was re-elected as president of the company.
Atok-Big Wedge was the result of a merger between Atok Gold Mining Co. and Big Wedge Mining Co., both of which were incorporated in the early 1930s.