Antonio (chairman) and Ramon (director), along with eight other directors and executives, handed their resignation on October 15, 2020, nearly 70 years after their father, Dr. Eusebio S. Garcia, founded the company which built the country’s first sulfuric acid plant.
They were joined at the exit door by Ana Maria G. Ordoveza (president), Alexandra G. Garcia (COO), Jose Ricardo C. Garcia (treasurer), Luis A. Vera Cruz (corporate secretary), Salvador L. Pena (assistant corporate secretary), and directors Manuel M. Gamboa, Paulino C. Alvaro, Jesus N. Alcordo.
Antonio and other major shareholders of Chemphil – Philippine Indochem Corp., Chemholdings Corp., A2K Holdings Corp., and Chemphil Employees Livelihood Foundation Inc. – agreed to sell their 57-percent stake in the company to a British Virgin Island firm, Lavish Sources Limited, and property firms Quantumlink Realty Corp. Citiworld Properties & Development Corp. and Exquadra Inc. for P1.04 billion in December 2019.
The buyers are linked to the Unioil group which is primarily interested in using Chemphil for backdoor listing. Prior to the sale, Chemphil has been in a deficit position as it has ceased its manufacturing its operations and laid off its people as early as 2014.
As of 2018, Chemphil had P1.196 billion in property assets, including the Chemphil Building on Arnaiz Avenue in Makati which was valued at P452 million (it has a useful life until 2023). Its other properties are in Nueva Ecija, Antipolo and Negros Occidental.
The group made a tender offer for 3.4 million shares or 33 percent of Chemphil at the same price paid to the Garcias – P177.63 per share.
In a report to the Philippine Stock Exchange, Antonio pocketed P24.53 million from the sale of his personal stake in the company last February.