Atencio exits 8990 board

MANILA, Philippines — Januario Jesus Atencio III has stepped down as director of 8990 Holdings Inc. simultaneous with his resignation as president and chief executive officer of the listed mass housing developer.

In a disclosure to the Philippine Stock Exchange (PSE), 8990 said Atencio conveyed his gratitude to the board and shareholders for the privilege to have been director as well as president of the company.

The board, chaired by Mariano Martinez Jr., accepted Atencio’s resignation. It will hold a special meeting to fill the vacancy in the board of directors.

“The board thanked Atencio for his service to the company and wished him success in his future endeavors after his retirement,” 8990 said.

Atencio announced his retirement last July during the company’s annual stockholders’ meeting. His resignation from the board took effect Jan. 1, 2018.

He said the success of 8990 is not just because of his efforts but also because of the leadership and guidance of his business partners Luis Yu, the founder of 8990 and Martinez, as well as the executives and staff of the company.

Willbaldo Uy replaced Atencio as president of 8990.

8990 Housing was established in 2003. Atencio became its CEO in 2005.

Uy said there are a lot of projects in the pipeline. The company is spending P8 billion for the development of Urban Deca Homes Manila, located within an 8.4-hectare property in Tondo, Manila.

Once completed, the project will deliver 13,000 units valued at P21 billion.

Uy said the project is part of 8990’s goal of bringing affordable housing closer to all levels of middle income Filipinos in Metro Manila.

Urban Deca Homes Manila is intended to meet the housing needs of larger families who want to reside within Metro Manila. It will also feature a mall that will  serve as an amenities area for its residents.