MANILA - Philex Mining Corp. said on Tuesday Manuel Pangilinan, the chairman of Philippine Long Distance Co. (PLDT), had taken over as chief executive officer in addition to being the chairman of the company.

Pangilinan is also managing director of Hong Kong's First Pacific Co. and chairman of its Philippine unit Metro Pacific Investments.

Philex also said 4 of its directors and the assistant corporate secretary resigned. They were replaced by 3 directors and 2 independent directors.

Last week, First Pacific increased its shareholding in Philex to 40.7%.

First Pacific purchased an additional 9.2% for approximately $202 million from Philex Vice-Chairman Roberto Ongpin and CEO Walter Brown, both of who have resigned. A year ago, it had acquired a 20.06% stake, which it subsequently boosted by open market purchases.

Philex said this week it did not believe First Pacific was required to make a tender offer for its remaining shares.