First Philippine Holdings defers 2026 stockholders’ meeting on legal dispute

LOPEZ-LED First Philippine Holdings Corp. (FPH) said its board has deferred its 2026 annual stockholders’ meeting until issues relating to a legal dispute between its chairman and chief executive officer (CEO) and Lopez, Inc. are resolved.

The company’s board approved the postponement of the meeting, originally scheduled for May 28, during a special board meeting, it said in a disclosure on Monday.

“The board resolved to defer the meeting until such time that the issues relating to the legal dispute between FPH chairman and CEO Federico R. Lopez and Lopez Inc. are resolved,” the company said.

A majority of shareholders in Lopez, Inc. earlier said they had voted to remove Federico “Piki” R. Lopez as president and chief executive officer, although the move has been temporarily halted by a court order.

The group, which holds a 71% stake in the family holding company, said the board voted 5-2 on Feb. 27 to oust Mr. Lopez, with him and his brother, Benjamin, dissenting.

A court order temporarily blocked his ouster, allowing him to remain in his post.

Lopez, Inc. is the private holding company of the Lopez Group and the parent of firms including Lopez Holdings Corp. and First Gen Corp.

Mr. Lopez is also chairman of First Gen Corp., the country’s largest independent renewable energy producer.

At the local bourse on Monday, FPH shares fell by 0.7% to P77.90 each. — Alexandria Grace C. Magno