Carlos Dominguez Steps Down from ACR Board to Take Up Secretary of Finance Post

Makati—(PHStocks)—Alsons Consolidated Resources Inc. (PSE: ACR), the publicly listed company of the Alcantara Group, announced the resignation of Carlos G. Dominguez from the company’s board of directors effective 17 June 2016. Dominguez has left the ACR board in order to serve as Secretary of Finance of the Republic of the Philippines under the incoming administration of President-elect Rodrigo Duterte.

In a statement, ACR Chairman and President Tomas Alcantara said, “We at Alsons Consolidated Resources have long benefited from Mr. Dominguez’s expertise and vast experience in numerous fields. While his counsel and presence in our board meetings will be sorely missed, we in ACR strongly support his answering the call to serve our country and our people. We wish Mr. Dominguez all the best as he embarks once again on the path of government service.”

ACR is primarily engaged in power generation in the island of Mindanao. It currently operates four power plants that have all contributed significantly to helping end the power shortage in Mindanao. ACR is targeting to commence construction on three major power projects in Mindanao before the end of this year. By 2019, ACR-affiliated power facilities will have around 588MW of generating capacity, approximately 25% of Mindanao’s projected peak power demand for that year.