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BIZ BUZZ: New year, new chair
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BIZ BUZZ: New year, new chair

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Listed shell company Ferronoux Holdings Inc. started 2025 with a bang that we may have already been expecting after its founding chair made a P297-million exit late into 2024.

In its very first stock exchange disclosure for the year, Ferronoux announced the resignation of six key officials, including founder Michael Cosiquien himself.

He handed the reins to Okada Foundation Inc. president James Lorenzana as director and chair and Abel Almario as president of Ferronoux.

This comes after Cosiquien-led construction firm ISOC Holdings Inc. agreed to sell all its 133.53 million shares in Ferronoux, representing a 51-percent stake, to Themis Group Corp.

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It is also ahead of the anticipated backdoor listing of Themis, a relatively young real estate firm.

The five other Ferronoux officials who left were director and chief financial officer Erwin Terrell (succeeded by Johannes Bernabe), director Michelle Joan Tan (succeeded by Fiorello Raymundo Jose), compliance officer Lavinia Empleo-Buctolan, chief information officer Joan Musico and investor relations officer Bryan Joseph Garcia.


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