Lopez Stocks Surge on White Knight Buy-in, Signaling Business Restructuring

MANILA, Philippines — Share prices of most Lopez-led companies listed on the Philippine Stock Exchange surged yesterday after a white knight reportedly made an initial payment for its planned entry into the Lopez empire. The STAR business editor Iris Gonzales, in her column, reported that the Lopezes have agreed in principle to sell their shares in Lopez Inc., the principal holding company of the Lopez Group of Companies. Sources said the Lopezes’ white knight has made an initial payment of at least P1 billion. The share price of listed holding firm Lopez Holdings Corp. surged by 8.57 percent to P5.70 per share, near its 52-week high of P6, while that of First Philippine Holdings Corp. (FPH) jumped by 2.17 percent to P91.90 apiece, also near its 52-week high of P91.95. ABS-CBN Corp. shares climbed by 3.36 percent to P3.69. Shares of First Gen Corp., the largest clean and renewable independent power producer in the Philippines, likewise grew by 0.41 percent to P19.48. Property developer Rockwell Land Corp. was the only one to finish in negative territory, declining by 1.54 percent to P2.55 per share. “The surge in the stock price of Lopez Holdings is largely driven by speculation around a potential takeover by a strategic investor,” China Bank Capital Corp. managing director Juan Paolo Colet said. The dispute within the Lopez family – a battle between Federico “Piki” Lopez and his cousins (referred to as the Lopez family majority) – remains unresolved. Piki serves as chairman of Lopez Holdings, FPH and First Gen. He also serves as vice chairman of Rockwell Land and a director of ABS-CBN. The ongoing dispute among Lopez family members has also affected the conduct of the annual stockholders’ meetings (ASM) of some of its companies. FPH, for one, has rescheduled its ASM to Sept. 25 following previous postponements. FPH deferred the holding of the company’s 2026 ASM originally scheduled for May 28 “until such time that the issues relating to the legal dispute between FPH chairman and CEO Federico Lopez and Lopez Inc. are resolved.” Its board earlier approved the conduct of the company’s 2026 ASM on July 27. The company, however, decided to reschedule the ASM once again to a date not more than 60 days from July 27 “to give FPH sufficient time to undertake the steps necessary for the conduct of an ASM.” The Securities and Exchange Commission ad hoc committee on matters concerning the Lopez Group of Companies has ordered the inclusion of a board election in the ASM agenda, subject to the limitations provided in the orders issued by the Mandaluyong City Regional Trial Court Branch 209, including the writ of preliminary injunction. The injunction prohibits and restrains the defendants, including their successors, representatives, and all persons acting for and on their behalf, from replacing Piki as an officer, director or corporate representative in any corporation in which Lopez Inc. holds shares and exercises voting rights through its president. Lopez Holdings also further postponed its ASM previously rescheduled for Aug. 7 and moved it to Sept. 14 to “give the corporation time to comply with the comments and requirements of the Securities and Exchange Commission on its preliminary information statement.” Earlier this month, ABS-CBN said it is also moving its ASM, previously scheduled for July 24, to Aug. 19 to allow stockholders to submit nominations for directors, saying that the company has not received nominations for the board of directors. Source: Philstar Business