First Gen says deals vetted amid Lopez, Inc. row

POWER PRODUCER First Gen Corp. said its deals undergo “transparent and rigorous evaluations” and are approved by its board, amid disputes within the Lopez family’s holding company.

“First Gen would like to emphasize that it enters into contracts and agreements only after conducting transparent and rigorous evaluations, and only upon thorough review and approval by its Board of Directors,” the company said in a statement on Sunday.

The statement comes as the 71% majority of Lopez, Inc. — the ultimate parent company of the Lopez Group — raised concerns over transactions carried out under the leadership of the group’s president and chief executive officer, Federico “Piki” R. Lopez.

A court order temporarily blocked his ouster and allowed him to remain in his post.

Lopez, Inc. is the Lopez Group’s private holding company and parent of businesses including publicly listed firms Lopez Holdings Corp. and First Gen.

Mr. Lopez currently serves as chairman of First Gen, the largest clean and renewable independent power producer in the Philippines.

As a publicly listed company, First Gen said it strictly follows the law to ensure all stockholders have equal access to material information. This includes infrastructure deals with Enrique K. Razon, Jr., which were unanimously approved by the entire board, First Gen said. — Sheldeen Joy Talavera