TKC Metals said its chief finance officer Efren A. Realeza Jr. is resigning effective April 19 this year due to “personal reasons”. It did not name any successor.
This follows the resignation of its president and chief operating officer Domingo Benitez Jr. in April last year because he relocated overseas. A replacement also has not been identified and PSE website still lists Benitez as president and COO.
In its latest report last year, independent auditor Reyes Tacandong & Co. raised doubts on TKC Metals’ ability to sustain operations amid the sale of several money-losing enterprises and a deficit of over P4 billion at the end of 2022.
TKC Metals said demand for steel products was recovering slowly however the “oversupply” of steel prices and competition have dampened prices.
TKC Metals previously announced a potential shift to technology and Internet services and had been in talks with investors help meet maturing debts. No definitive deal has materialized thus far.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
