| Gloria Macapagal Arroyo visited her ousted predecessor Joseph Estrada at a special jail Thursday | |
By CNN's Amabelle Layug
MANILA, Philippines -- Philippine tycoon Eduardo 'Danding' Cojuangco has beaten off a government attempt to remove him as chairman and chief executive officer of food and beverage giant San Miguel Corp.
At the company's annual general meeting on Thursday, Cojuangco won a fresh mandate to head SMC for a third straight year.
The government was prevented from nominating its candidates and voting during the meeting after the Supreme Court failed to issue a temporary restraining order against holding the meeting.
The government earlier sought the order so it could lodge a case seeking the reopening of the nomination process, allowing it to put forward its own candidates to the SMC board.
The administration of Gloria Macapagal Arroyo vowed to replace the five directors who were nominated by disgraced leader Joseph Estrada to represent the government's interest in the firm.
Government nominees missed deadline
| Eduardo Cojuangco regained leadership of SMC after Estrada assumed office in 1998 | |
SMC's corporate secretary rejected the government nominees, saying their names were submitted after the January 20 deadline set by the company's by-laws.
The government had enough shares for eight board seats had it been given the right to vote for the 27 percent block of sequestered shares.
Cojuangco's appointees now dominate the 15-member SMC board.
The government, through the Presidential Commission on Good Government, the state pension fund Social Security System (SSS) and Government Service Insurance System (GSIS), owns 47 percent of shares in SMC.
The shares were sequestered from Cojuangco after the downfall of the late dictator Ferdinand Marcos, on grounds that they were bought using levy funds from coconut farmers.
Cojuangco, who was close to Marcos, is also a long-time ally of Estrada and was able to regain leadership of SMC after Estrada assumed office in 1998.
Cojuangco has presided over a return to profitability for SMC. On Thursday he announced profit in the quarter ended March 31 was 1.67 billion pesos or $32 million. Sales were up 21 percent to 24.1 billion pesos, or almost $500 million.
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