Lopez majority hits reduced hydro stake anew

First Gen Corp.

MANILA, Philippines – The Lopez majority has raised fresh concerns over First Gen Corp.’s decision to reduce its stake in Prime Hydropower Energy Inc. (PHEI) to 33 percent from 40 percent, arguing that the move was never presented to the board and therefore lacks legal basis.

In a statement on Wednesday, the Lopez majority led by Eugenio “Gabby” Lopez III said the reduction had “no board mandate” and questioned how the transaction could proceed without approval from the company’s directors.

The latest criticism adds to a growing dispute between the Lopez majority and First Gen management over transactions involving infrastructure tycoon Enrique Razon Jr.’s Prime Infra.

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First Gen Corp.

The latest criticism adds to a growing dispute between the Lopez majority and First Gen management over transactions involving infrastructure tycoon Enrique Razon Jr.’s Prime Infra.

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Lopez majority hits reduced hydro stake anew

Lopez majority hits reduced hydro stake anew

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