TAGS: First Holdings, Lopez, First Gen
First Philippine Holdings Corp., commonly known as First Holdings, has set its 2026 Annual Stockholders’ Meeting for July 27, but warned that the election of directors may be deferred if a deepening family and governance dispute remains unresolved.
First Holdings told the Philippine Stock Exchange that while its board approved the holding of ASM via remote communication for shareholders on record May 29. However, the board approved a contingency that removes the election of directors from the agenda if issues surrounding director nominations and an ongoing intra-corporate case are not settled by the nomination deadline.
The dispute is tied to Federico “Piki” Lopez and Lopez, Inc., the privately held holding company that controls First Holdings. The case has become a focal point of a broader control struggle within the Lopez family company that holds interest in real estate, media, and power generation.
Federico “Piki” Lopez is currently engaged in a legal battle with his cousins who own 71 percent of Lopez Inc., the group’s controlling shareholder. The majority bloc has ousted him as president and chief executive officer of Lopez Inc., citing loss of trust and alleged delays in disclosing significant transactions.
These transactions include asset sales and acquisitions involving First Gen Corporation and Prime Infrastructure Capital, Inc., the infrastructure platform of tycoon Enrique Razon Jr., with deal structures said to include provisions that effectively secure continued management control for Piki Lopez over First Gen and related entities.
First Holdings said that once the intra-corporate dispute is resolved, the board will convene a special stockholders’ meeting “as soon as practicable” to proceed with the election of directors, ensuring governance continuity while legal uncertainty persists.
The company also confirmed that the resolutions will be submitted to the Securities and Exchange Commission for approval.
The development underscores how shareholder-level disputes in a controlling family group can directly affect governance timelines in listed companies, with potential implications for board stability across key power and infrastructure assets under the Lopez group.
