THE new owner of Phinma Petroleum and Geothermal, Inc. (PPG) has renamed the listed company to ACE Enexor, Inc. and approved corporate changes to mark the Ayala energy arm’s full take over.

PPG told the stock exchange on Wednesday about the name change and other moves, including the election of a replacement director, a change in the composition of board committees, and amendments to the company’s articles of incorporation and by-laws.

The board of directors during a special meeting on Tuesday elected Jaime Alfonso Eder Zobel de Ayala as a new director to serve the remaining term of office of Roberto M. Laviña, whose resignation was accepted by the board on July 1, 2019.

Mr. Zobel was also appointed as member of the executive committee. His professional details covered his start as business development associate of Ayala Corp.’s strategic development group in January 2015.

He was then seconded to Globe Telecom, Inc. and was its head of business development in the prepaid division from April 2016 to May 2017, and its head of fixed-mobile convergence-product management from May 2017 to November 2018. He previously worked as an analyst at Goldman Sachs in Singapore.

“He studied in Harvard University and took up Government as his primary concentration and Visual and Environmental Studies as his secondary concentration. He obtained a master’s degree in Business Administration at Columbia Business School, New York,” the company said.

He is the son of Ayala Corp. Chairman and Chief Executive Officer Jaime Augusto Zobel de Ayala.

PPG also changed its principal place of business to that of AC Energy, Inc.’s office at 6750 Office Tower, Ayala Ave., Makati City.

“The foregoing amendments will be subject to approval of shareholders and the Securities and Exchange Commission,” PPG said.

In January this year, AC Energy said it was taking control of Phinma Energy Corp. through a “mutually strategic agreement” that gives the Ayala-led company a 51.48% stake in the listed energy company for P3.42 billion.

The two groups said the Ayala’s energy platform will acquire the combined stake of Phinma Corp. and its parent Philippine Investment Management, Inc. (PHINMA) in Phinma Energy. PPG is a unit of Phinma Energy.

On Wednesday, shares in PPG fell by 12.66% to close at P6.00 each. — Victor V. Saulon