Aurelio Montinola III has stepped down from his position as Independent Director of the Roxas and Company, Inc. (RCI), the holding firm of the Roxas Group of Companies, in time after a real estate firm associated with his wife acquired significant stakes in the company.

RCI confirmed on Wednesday that it received the resignation of Montinola dated 6 May.

"Montinola has been an independent director of the Company since 2017. The Company recently sold treasury shares to a real estate company associated with his wife, which consequently disqualifies him from serving the company as an independent director," RCI informed the local bourse.

Last Tuesday, the cash-strapped RCI disclosed that it received P500 million from Stonebridge Corp., a company chaired by Gizela "Ging" Gonzalez-Montinola, for the sale of about 9 percent of the company, covering about 250 million shares.

The acquisition made Stonebridge the third largest group of shareholders in RCI, after the founding of Roxas-Elizalde families and businessman Leandro Leviste.

In total, RCI has sold 767.5 million treasury shares as part of its fundraising program.

The sale includes 75 million shares at P0.69 each on 7 March; 75 million shares at P0.65 each on 20 February; and 66.9 million shares at P0.44 each on 17 January.

According to the company's most recent financial statements, it has P1.5 billion of current liabilities exceeding current assets.

The Bank of the Philippine Islands, where Gigi Montinola is an independent director, holds the largest amount of unpaid loans.

RCI's main holdings are raw real estate located in Nasugbu, Batangas, sugar-related assets, and businesses held through Roxas Holdings, Inc.