Alsons Consolidated appoints acting chief executive

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ALSONS Consolidated Resources, Inc. (ACR) has named Tirso G. Santillan, Jr. as acting chief executive officer, while appointing Editha I. Alcantara as vice-chair of its board, the holding firm told the stock exchange on Friday.

“Ms. Alcantara is also currently ACR Treasurer while Mr. Santillan is the company’s executive vice president. Both Ms. Alcantara and Mr. Santillan currently sit as directors in the ACR board,” the company said.

The company provided no further explanation for the appointments. According to its company profile at the stock exchange, its president and chairman is Tomas I. Alcantara.

On Friday, ACR was unchanged at P1.43.

Mr. Santillan became a director on June 11, 1996. He has been the executive vice-president since April 27, 1995.

He heads the business development group of the Alcantara group, while being the executive vice-president of Alto Power Management Corp. since January 1996, Conal Holdings Corp. since June 1997, Southern Philippines Power Corp. and Western Mindanao Power Corp. since March 1996.

Ms. Alcantara has served as director of the company since March 8, 1995. She became the president of C. Alcantara and Sons, Inc. in 1992 after serving as the treasurer.

ACR’s 2018 net profit rose sharply to P562.95 million from P103 million a year earlier. The growth was driven by its unit Sarangani Energy Corp., a baseload coal-fired power plant in Maasim, Sarangani province.

The plant’s first section with a capacity of 105 megawatts (MW) started operating in April 2016. It serves more than three million customers in the General Santos-Sarangani area and other parts of Mindanao.

Its second section with a capacity of 105 MW is in the commissioning stage and is expected to start commercial operations in mid-2019. — Victor V. Saulon