MAJORITY shareholders of Lopez Inc. want Federico “Piki” Lopez to explain his handling of recent energy transactions involving First Gen Corp., which has asserted that the sale of its gas assets was in line with the Lopez Group's energy goals.
In a statement on Monday, the majority shareholders also questioned why Piki diluted a minority stake in gas assets' buyer, losing effective veto power, and raised concerns about the lack of shareholder approval and prior consultation.
The majority described Piki’s management as opaque and “like a king without accountability.”
The controversy follows a boardroom clash earlier this year when the Lopez Inc. board voted 5‑2 to remove Piki as president and CEO “for cause and loss of trust and confidence.”
Three Lopez family branches hold a 71 percent majority. Piki, who represents a fourth branch, has obtained a court order temporarily blocking his removal and preventing his ouster from other Lopez‑linked companies.
First Gen, meanwhile, said in a statement on Sunday that the sale of the gas assets was in line with the goal of becoming a 100-percent renewable energy company. The transaction was also done with proper evaluation by its board, it added.
"We would like to emphasize that it (First Gen) enters into contracts and agreements only after conducting transparent and rigorous evaluations, and only upon thorough review and approval by our board of directors,” the company said.
“As a publicly listed company, we observe with fidelity the rights of all stockholders to equal access to material information by avoiding its premature and selective disclosure, as mandated by law," it added.
The company also noted that under Piki, First Gen had been operating profitably over the last five years, posting record earnings in 2025.
First Gen recorded an attributable recurring net income of P15.20 billion for 2025, up eight percent from 2024.
First Gen shares dropped P0.48, or 2.61 percent, to close at P17.90 each on Monday.
