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The waiting game at Lopez-led First Philippine Holdings Corp. (FPH) is far from over.
Just when investors thought the company’s long-delayed annual stockholders’ meeting (ASM) would finally push through on July 27, another postponement landed on the table—this time at the instruction of the Securities and Exchange Commission’s Ad Hoc Committee handling matters involving the Lopez Group.
The regulator directed FPH to move the meeting to a date within 60 days from July 27, giving the company more time to complete preparations. More importantly, the SEC also ordered FPH to include the election of directors in the agenda, although any board changes remain subject to the Mandaluyong Regional Trial Court’s existing orders.
That caveat is the real catch.
