Mindanao Star Bus Transport Inc., sister company of Vallacar Transit Inc., operator of the Ceres Bus liner, held their annual stockholders’ meeting over the weekend, where they elected Leo Rey Yanson as company president. In addition, Ginnette Yanson-Dumancas, Charles M. Dumancas, Arvin John Villaruel, and Rey C. Ardo were named to the Board of Directors.
The meeting was presided over by Yanson and his mother, corporate secretary and treasurer Olivia Yanson.
Last month, with the rival camps of Vallacar Transit earlier conducting separate stockholders’ meetings, resulting in two separate boards of directors, Roy, Ricardo, Jr., and Emily Yanson, along with Celina Yanson-Lopez—often referred to as the ‘Yanson 4’—filed a case seeking to invalidate the other meeting, which reelected Leo Rey Yanson as president.
In a statement issued by Atty. Raul Bito-on, spokesperson for the ‘Yanson 4,’ he said, during the December 7 meeting, the meeting held by Leo Rey Yanson did not achieve quorum as the majority shareholders of the company are represented by his clients, who hold a 61.17 percent stake of the company.
He added, Leo Ray and Yanson-Dumancas called their own meeting based on the claim that shares had not been authorized for acquisition, which he said violated company by-laws for non-compliance with the rights of existing shareholders to buy unissued shares first.
Meanwhile, he said the meeting called by the “Yanson 4’ complied with all requirements and voting requirements under RA 11232, or the Revised Corporation Code./WDJ