Wellex Industries, Inc. is a Filipino company engaged in mining and oil exploration in the Philippines. Currently headquartered in Ortigas Center, Pasig City, it is one of The Wellex Group's six major business segments.[2]
| Company type | Public |
|---|---|
| PSE: WIN | |
| Industry | |
| Founded | October 19, 1956 |
| Headquarters | One Corporate Centre, Ortigas Center, Pasig |
Area served | Philippines |
Key people | |
| Parent | The Wellex Group |
| Website | www |
The company was founded in October 1956 as Republic Resources and Development Corporation (also known as REDECO). By the 1980s, the company encountered difficulties in both the oil and mining industries, but was able to recover with the organization of The Wellex Group in 1994.[2] In September 1997, the company changed its name from REDECO to Wellex Industries.[2]
Two subsidiaries of the company, Plastic City Industrial Corporation and Philfoods Asia, Inc., ceased operations in 2002 due to losses, with Philfoods Asia later being sold in 2016.
History edit
Republic Resources and Development Corporation (REDECO) was founded on October 19, 1956,[2] and was publicly listed in the Philippine Stock Exchange by January 1958.[3]
In mid-1965, Cebu City Mayor Sergio Osmeña Jr. accused then-Senate President Ferdinand Marcos of fraud for allegedly issuing two bouncing checks for ₱153 million each to REDECO in September 1958.[4][5]
In the 1980s, the company encountered difficulties in both the oil and mining industries, but was later able to recover with the organization of The Wellex Group by William Gatchalian in 1994.[2][6] In September 1997, the company changed its name from REDECO to Wellex Industries.[2] Plastic City Industrial Corporation (PCIC) joined The Wellex Group in November 1999, becoming a subsidiary of Wellex Industries.[7] However, PCIC as well as another subsidiary, Philfoods Asia, Inc., eventually ceased operations by 2002 due to losses, with the latter being sold off in early 2016.[2][8]
References edit
- ^ a b "Wellex Industries Inc Profile". Reuters. Retrieved August 9, 2021.
- ^ a b c d e f g "Wellex Industries, Incorporated Company Information". Philippine Stock Exchange. The Philippine Stock Exchange Inc. Retrieved August 9, 2021.
- ^ "Wellex Industries, Incorporated Stock Data". Philippine Stock Exchange. The Philippine Stock Exchange Inc. Retrieved August 9, 2021.
As of Aug 09, 2021 12:50 PM
- ^ "Osmena has new charge". The Manila Times. July 4, 1965. p. 1.
Osmeña claimed both checks were dishonored by the bank and that the shares remain unpaid up to the present.
- ^ "Raquiza replies on checks". The Manila Times. July 30, 1965. p. 1.
Osmeña had charged that Marcos issued two checks on Sept. 2, 1958...
- ^ The Manila Times (September 17, 2015). "Acesite's 3-year 'short-term' advances to insiders". The Manila Times. The Manila Times, Publishing Company. Retrieved August 9, 2021.
- ^ "Wellex Industries, Inc". Philippine Stock Exchange. The Philippine Stock Exchange Inc. Archived from the original on March 26, 2004.
- ^ Morales, Neil Jerome C. (May 23, 2012). "ALI to develop Gatchalian's Valenzuela property". ABS-CBN News. Manila, Philippines: ABS-CBN Corporation. Retrieved August 9, 2021.
External links edit
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