EXECUTIVES of Philcomsat Holdings Corp. on Tuesday approved the extension of its corporate life for another 50 years despite objections from minority stockholders.

Had the extension been rejected, Philcomsat Holdings, a listed company that the government sequestered for suspicions it was acquired by the late President Ferdinand Marcos using ill-gotten wealth, would have ceased as a legal entity beginning May 10. Formerly Liberty Mines Inc., Philcomsat Holdings was incorporated on May 10, 1956.

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