Jauhn Etienne Villaruel

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ABS-CBN News

<div><span class="fr-img-caption fr-fic fr-dib" style="width:960px;display:block" width="960"><span class="fr-img-wrap"><img src="https://od2-image-api.abs-cbn.com/prod/editorImage/1775444710939photo-collage.png (1).jpg" style="width:960px" class="fr-fic fr-dib" width="960"/><span class="fr-inner" style="text-align:left">The Lopez faction representing 71 percent majority stake in the family’s holding company Lopez, Inc. on Monday questioned the camp of Chairman and CEO Federico &quot;Piki&quot; Lopez over its transaction with Prime Infra Group. <em>File photos</em></span></span></span></div><p>MANILA — The Lopez faction representing 71 percent majority stake in the family’s holding company Lopez, Inc. on Monday questioned the camp of Chairman and CEO Federico &quot;Piki&quot; Lopez over its transaction with Prime Infra Group.</p><p>In a statement, the Lopez majority urged Piki to explain why he sold majority control of First Gen’s gas assets to Prime Infrastructure, then bought a 40 percent minority stake in Prime’s hydropower business only to bring it down to 33 percent shortly after.</p><div><a href="https://www.abs-cbn.com/news/business/2025/11/19/prime-infra-acquires-majority-stake-in-first-gen-gas-business-1443">Prime Infra acquires majority stake in First Gen gas business</a></div><p>&quot;Why reduce to 33 percent the 40 percent minority stake which carried effective veto power? Why not 33 plus one share to keep that veto?&quot; they asked.</p><p>The Lopez majority said this move by Piki was a &quot;significant blunder akin to the Meralco sell-out fiasco [he] engineered and masterminded without consulting the family.&quot;</p><p>&quot;Why did he give up control of our gas assets, our crown jewels?&quot;</p><p>On Sunday, First Gen Corp. maintained that it only enters into contracts and agreements after thorough evaluation and approval by its board of directors, adding that it observes stockholders’ rights to equal access to material information to avoid premature and selective disclosure.</p><div><a href="https://www.abs-cbn.com/news/business/2026/4/5/first-gen-all-agreements-go-through-thorough-review-board-approval-1352">First Gen: All agreements go through thorough review, board approval</a></div><p>But according to the Lopez majority, the transactions in question &quot;almost equal the equity of First Gen and need shareholder approval.&quot;</p><p>&quot;Why did he not tell us in advance about these projects for transparency and corporate governance purposes? Why put the transaction under &#x27;other matters&#x27; and then call for an executive session?&quot;</p><p>The majority, in a 5-2 board vote late last month, ousted Piki as president and CEO of Lopez, Inc., but he was able to get a court order that kept him in power.</p><div><a href="https://www.abs-cbn.com/news/business/2026/3/31/71-lopez-majority-piki-ousted-for-cause-loss-of-trust-1439">71% Lopez majority: Piki ousted for cause, loss of trust</a></div><p>“Piki acts like a king without accountability... Because of Piki’s opaque one-man rule, we are blind to where the group is headed,&quot; they said.</p><p>Piki&#x27;s camp earlier defended his leadership, saying First Gen’s operations “continue to drive its consistent and growing profitability, resulting in record earnings last year.” It said the company has earned around $2 billion in the past five years.</p><p>The Lopez majority in its latest statement however said an audit of the company books &quot;is a must.&quot;</p><div><a href="https://www.abs-cbn.com/news/business/2026/3/28/statement-of-the-members-of-the-abs-cbn-board-of-directors-2051">Statement of the members of the ABS-CBN Board of Director</a></div><p>&quot;Piki must go and we will fight tooth and nail to get him out.&quot;</p><p>Lopez, Inc. is the parent firm of ABS-CBN.</p><div><br/></div><div><br/></div><div><strong>RELATED VIDEO</strong></div><div><strong><br/><span class="fr-video fr-deletable fr-fvc fr-dvb fr-draggable" contenteditable="false" draggable="true"><iframe width="640" height="360" src="https://www.youtube.com/embed/Kz6GMFupNLo?&amp;wmode=opaque&amp;rel=0" frameBorder="0" allowfullscreen="" class="fr-draggable"></iframe></span></strong> </div>

<p>The Lopez faction representing 71 percent majority stake in the family’s holding company Lopez, Inc. on Monday questioned the camp of Chairman and CEO Federico "Piki" Lopez over its transaction with Prime Infra Group.</p>

The Lopez faction representing 71 percent majority stake in the family’s holding company Lopez, Inc. on Monday questioned the camp of Chairman and CEO Federico "Piki" Lopez over its transaction with Prime Infra Group.

Lopez majority on Piki's Prime Hydro deal: 'Why give up control of our gas assets, our crown jewels'

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Lopez majority on Piki's Prime Hydro deal: 'Why give up control of our gas assets, our crown jewels'

ABS-CBN News

Published April 06, 2026 11:07 AM PHT

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Updated April 06, 2026 11:08 AM PHT

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