BUSINESSWORLD
The patriarch of the Lopez family has spoken up anew on the scramble for control of the country’s largest power utility, telling the Government Service Insurance System (GSIS) to mind its own business.
“GSIS has no business in this except to help the ‘other fellow’ win our 6.7% stake, which we do not want to sell,” First Philippine Holdings Corp. Chairman Oscar M. Lopez said in a chance interview yesterday.
The statement follows accusations by the pension fund’s president, Winston F. Garcia, that Lopez-led First Holdings and Pangilinan-led Metro Pacific Investments Corp. had cheated minor shareholders in a deal for the latter to buy half of the Lopezes’ remaining 13.4% stake.
The impending sale of half of that to Metro Pacific next year involves a loan, call option, and first refusal rights which GSIS said was intended to avoid a buyout of smaller shareholders. GSIS sold its 27% Meralco stake to San Miguel Corp. last year but has again bought a 4% stake.
Mr. Lopez said the remaining 6.7% of the Lopez stake was not for sale. Read More...
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