A Brown Company, Inc. at its special meeting held December 28, 2018 accepted the resignations of Mr. Roel Z. Castro as member of the Corporation's Board of Directors; and Mr. Joel A. Bañares as member of the Board of Directors and Treasurer of the Corporation The resignations of Messrs. Castro and Bañares will take effect on 31 December 2018. In light of the vacancy created, the Board, acting on the nomination made by the Corporate Governance Committee, then elected Mr. Renato N. Migriño as Director and Treasurer of the Corporation, vice Mr. Joel A. Bañares, Mr. Migriño had previously serve the Corporation in the same capacity. He shall assume office on 2 January 2018. Mr. Renato N. Migriño, 69, Filipino, is currently the Treasurer of Apex Mining Co., Inc. and an Independent Director of Mabuhay Vinyl Corporation, both listed companies. Mr. Migrino is also a Director and the Treasurer of Monte Oro Resources & Energy, Inc. and MORE Electric & Power Corporation. Prior to his joining A Brown, Mr. Migriño was Treasurer, Chief Financial Officer, Senior Vice President for Finance, and Compliance Officer of Philex Mining Corporation, Director and Chief Financial Officer of Philex Gold Inc., and Director of FEC Resources Inc., Silangan Mindanao Mining Co., Inc., Brixton Energy & Mining Corporation and Lascogon Mining Corporation. He was also formerly Senior Vice President & Controller of Benguet Corporation. The resignation of Roel Z. Castro was due to fully devote his time in the new group of companies that he recently joined. The resignation of Joel A. Bañares was due to personal reason.
A Brown Company, Inc. is a property development and investment company. It is engaged in the business of real estate development. Its prime real estate development property is Xavier Estates in Cagayan de Oro City. Its segments include Real estate development, Agricultural, Power and utilities, Holding, and Services. Real estate development segment is engaged in the development of land into commercial and residential subdivision, sale of lots and residential houses and the provision of customer financing for sales. Agricultural segment is engaged in the development of land for palm oil production and sale of palm oil and other palm products including, but not limited to refined bleached deodorized oil, palm olein, crude palm oil, palm stearin, palm acid oil, and palm kernels. Power and utilities segment is engaged in operating power plants and/or purchase, generation, production supply and sale of power. Services segment is a provider of irradiation services for all types of goods.