FIRST Philippine Holdings Corp. (FPH) has been directed by the Securities and Exchange Commission (SEC) to postpone its annual stockholders’ meeting (ASM), scheduled for July 27, and instead hold it within 60 days from said date.
In a disclosure on Monday, the Lopez-led holding company said the SEC’s Ad Hoc Committee on Matters Concerning the Lopez Group of Companies ordered the rescheduling “to give FPH sufficient time to undertake the steps necessary for the conduct of an ASM.”
The committee also ordered the inclusion of a board election in the meeting agenda, subject to the limitations provided in orders issued by the Mandaluyong City Regional Trial Court Branch 209, which include a writ of preliminary injunction.
FPH said the orders issued by the Mandaluyong RTC prohibit and restrain the defendants in the case, including their successors, representatives and persons acting on their behalf, from replacing Federico “Piki” Lopez as an officer, director or corporate representative in any corporation where Lopez Inc. holds shares and exercises voting rights through its president.
The injunction also bars “any act that would render the court’s eventual judgment ineffective, moot or academic.”
Piki Lopez is chairman and CEO of Lopez Holdings Corp. as well as of FPH and First Gen Corp. He is also a vice chairman of Rockwell Land and a director of ABS-CBN Corp., all members of the Lopez Group.
The latest directive comes after FPH disclosed on July 3 that it had received a letter from the SEC’s Markets and Securities Regulation Department allowing it to proceed with the July 27 ASM while deferring or excluding the election of directors from the agenda.
At the time, the company said a separate stockholders’ meeting for the election of directors would be held once the legal issues were resolved or as may be directed by the court.
FPH had deferred its original May 28 annual meeting after its board cited the need to address issues arising from an ongoing legal dispute involving members of the Lopez family.
In the Monday disclosure, FPH said its board would convene a special meeting to agree on a new date and other details for the annual stockholders’ meeting.
The latest SEC directive follows similar developments involving other Lopez group companies.
Lopez Holdings also announced on Monday that it was moving its annual stockholders’ meeting to Sept. 14, 2026, via remote communication, from the previously agreed schedule of Aug. 27.
FPH shares on Monday rose P1.95, or 2.27 percent, to P87.95 each, while those of Lopez Holdings Corp. surged P0.79, or 18.76 percent, to P5.00 apiece.
In contrast, First Gen’s stock price slumped P0.86, or 4.48 percent, to close at P18.34 amid a 0.18-percent rise for the benchmark Philippine Stock Exchange index.
