Lopez majority questions First Gen’s reduced stake in hydro deal

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MANILA, Philippines – The Lopez majority challenged First Gen Corp.’s move to reduce its planned stake in PHEI to 33 percent from 40 percent, saying the revision lacked board approval and legal basis.

In a statement on Wednesday, the group led by Eugenio “Gabby” Lopez III said the revision raised questions over which deal should prevail.

READ: Lopez majority raises pressure on First Gen board

“Which deal prevails now? How could the board’s independent directors—Manuel Ayala, Alicia Rita Morales and Edgar Chua—claim everything was ‘unanimously approved’?” it said.