A ray of hope for the warring Lopez clan is in the horizon as Federico “Piki” Lopez viewed the gesture of the Lopez Inc.’s majority shareholders to withdraw an earlier resolution removing him as president and CEO as a “possible first step” for all parties to finally resolve the issues dividing the family.
In a statement, Piki said he hopes the other side will back up the gesture with genuine, positive and concrete efforts leading to an amicable, fair and lasting resolution of the rift within Lopez Inc. With this development, Piki Lopez also hopes for a stop of the misinformation harming the Lopez Group.
In discussing solutions, Piki will continue to fulfill his fiduciary duties to all shareholders in the companies of the Lopez Group and will remain steadfast in acting as a responsible steward of these various businesses — particularly First Philippine Holdings, Inc. (FPH) and First Gen Corporation (First Gen) — which have institutional minority shareholders with significant economic interests.
He further noted that it was in fulfilment of these duties that he supported the agreements with the Prime Infra Group. First Gen’s board of directors – which has its own governance and fiduciary obligations separate from Lopez Inc. and which includes Manuel “Beaver” Lopez Jr., the KKR representative and all independent directors – unanimously approved these transactions.
“It is essential to recognize that, as a vote of confidence in Piki Lopez, the Prime Infra Group requested the Change of Management Control provisions in their agreements. BDO Unibank similarly showed this vote of confidence by issuing standby letters of credit, conditioned on the continued and active involvement of Piki Lopez in the FPH group,” Piki’s statement added.
It is also anticipated that the other side will address unresolved questions about ABS-CBN so the media firm can finally chart a path to recovery, to protect not only the family legacy, but equally or even more importantly, the welfare of investors and employees.
Piki said he remains fully prepared for any outcome following this gesture, given that the formal processes in the Mandaluyong Regional Trial Court and Securities and Exchange Commission are proceeding in due course. He is focused on leading FPH and First Gen in delivering value through strategic projects and partnerships with reputable industry players.
