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MANILA, Philippines – The majority bloc of the Lopez family alleged that Federico “Piki” Lopez had agreed to pay Prime Infrastructure Capital Inc. a P50-billion transaction premium in a hydropower venture, calling it a “horrible deal”.
In a statement on Tuesday, the Lopez majority said it recently discovered from board documents that the original transaction had involved a P50-billion premium on top of P25 billion in construction equity. These formed the P75-billion consideration for First Gen’s acquisition of a 40-percent stake in Prime Infra’s hydropower business.
READ: Piki seeks ‘lasting’ Lopez peace
The transaction has been a flashpoint in the bitter dispute between the Lopez majority and Piki Lopez, who remains president and CEO of First Gen despite his removal earlier this year as president and CEO of Lopez Inc., the family’s holding company.
