MARCVENTURES Holdings, Inc. reduced the number of seats in its board of directors to comply with the corporate governance practices recommended by the government.
The listed mining firm said in a stock exchange disclosure on Monday that its stockholders approved the decision to cut the number of directors to nine from 11 under the sixth article of its articles of incorporation.
“The articles of incorporation are being amended in order to reduce the number of seats in the board of directors to facilitate compliance with Securities and Exchange Commission (SEC)-recommended best practices on corporate governance and to make it easier for the company to reach quorum in board meetings,” the company said in the disclosure.
“The amendment on reduction of seats in the board of directors is not expected to have any material adverse effect on the business, operations, and/or capital structure of the issuer,” it added.
For the first half of the year, Marcventures reported a P166.31-million net loss, a reversal of the P137.52-million net income it had a year ago.
The mining firm’s revenues during the January-to-June period fell 74.2% to P299.85 million due to lower volume of nickel ore shipments.
According to its website, the subsidiaries of Marcventures include Marcventures Mining & Development Corp., BrightGreen Resources Corp., Alumina Mining Philippines, Inc., and Bauxite Resources, Inc.
On Monday, shares of Marcventures at the stock exchange fell 1.05% or one centavo to finish at 94 centavos apiece. — Revin Mikhael D. Ochave
