SEC lets First Philippine proceed, court order keeps CEO Piki Lopez in place

Federico "Piki" Lopez

First Philippine Holdings chair, CEO 

First Philippine Holdings Corp. (FPH) is pressing ahead with its annual stockholders’ meeting after the Securities and Exchange Commission said the election of directors may proceed despite an ongoing legal battle over control of the Lopez family’s holding company.

An SEC committee clarified that the July 27 meeting may proceed as scheduled provided it complies with an existing court-issued writ of preliminary injunction, FPH said in a stock exchange filing on Friday. 

The committee also said earlier SEC guidance applies only to parties covered by the pending case involving Lopez Inc., the family’s principal holding company which indirectly controls listed companies such as FPH and First Gen Corp. 

The injunction bars the defendants from replacing Federico "Piki" Lopez in positions where Lopez Inc. exercises voting rights and from taking actions that would render the court order ineffective.

The clarification removes a key regulatory uncertainty hanging over the annual meeting but leaves the underlying governance dispute unresolved.

FPH said it will coordinate with the SEC and seek further guidance on implementing the advice while complying with the injunction, other pending cases and regulatory deadlines.