The Philippine Stock Exchange (PSE) penalized First Gen Corp. and DoubleDragon Corp. for violating the bourse’s disclosure rules. First Gen, a power producer controlled by the billionaire Lopez family, was found in violation of multiple provisions under Article VII of the PSE Consolidated Listing...
Lopez-led First Gen Corp. (First Gen) has secured the exclusive right to develop, construct, and operate a new 120-megawatt (MW) pumped-storage hydropower facility in Nueva Ecija province, boosting the country’s clean energy pipeline. In a statement on Monday, July 6, First Gen announced that it...
Lopez-led First Gen Corp. is evaluating the commercial viability of small modular nuclear reactors as the country maps out a path to introduce atomic energy into its grid by the next decade. In an interview with First Gen Vice President and Head of Strategy and Planning Jay Soriano sad the company...
The Lopez family majority alleged that First Gen Corp.’s decision to reduce its stake in Prime Hydropower Energy, Inc. (PHEI) from 40 percent to 33 percent is invalid, as it was never presented to the board of directors for approval and lacks a board mandate. The move was made just three weeks...
The majority owners of the Lopez family are stepping up their opposition against First Gen Corp.’s leadership, alleging that the power producer is bearing the entire financial burden of the multi-billion-peso renewable energy deal while securing only a minority position. In a statement on Friday,...
The Securities and Exchange Commission (SEC) has formed an ad hoc committee to investigate allegations traded between rival factions of the Lopez family, a dispute that threatens to engulf two of the Philippines’ most high-profile companies, First Gen Corp. and ABS-CBN Corp. ABS-CBN disclosed to...
The majority faction of the Lopez family has accused First Gen Corp. Chairman Federico “Piki” Lopez of “doublespeak” for initiating legal action while simultaneously calling for peace talks. The family bloc noted that on the exact same day Piki Lopez publicly welcomed peace with his...
A few weeks after declaring a ceasefire, the Lopez majority group launched a new bombshell against First Gen Corp. Chairman Federico “Piki” Lopez, alleging that he funded the bulk of Prime Infrastructure Capital’s hydropower project by paying a hefty ₱50-billion premium. In a statement, the...
While the Lopez family has declared a ceasefire to resolve their differences privately, a minority shareholder of First Gen Corp. has stepped into the frontline to demand accountability from the firm’s board of directors. In a May 22 letter addressed to First Gen’s board, minority shareholder...
Federico “Piki” Lopez has welcomed decision by the majority shareholders of Lopez Inc. to abandon efforts to remove him as president and chief executive officer, describing the move as the potential breakthrough in a long-standing family dispute. In a statement on Friday, May 15, Lopez said the...
The majority faction of the Lopez family has escalated its corporate battle for control of their business empire, claiming to have uncovered a third “poison pill” provision designed to entrench First Philippine Holdings Corp. (FPH) Chairman and Chief Executive Officer Federico “Piki” R....
Two independent directors of Lopez Holdings Corp. have resigned from the seven-member board as the bitter leadership struggle within one of the Philippines ' most powerful dynasties threatens to paralyze the conglomerate’s governance. In a disclosure to the Philippine Stock Exchange, Lopez...
