Lopez Holdings


Purchase of Union Fenosa shares
In its meeting today, the First Philippine Holdings Corporation (FPHC) board elected former Chief Justice Artemio Panganiban as a new independent director. He replaces Mr. Angel S. Ong, Benpres president and COO, who resigned to give way to Mr. Panganiban.

Justice Panganiban has been a member of the Supreme Court since 1995 and served as Chief Justice from December 2005 to December 2006. A graduate of the Far Eastern University, he placed 6th in the Bar examinations. He has written several books and received numerous awards. He brings to the company his wealth of experience in law practice and the bar.

In the same meeting, the board also approved the Memorandum of Agreement between FPHC and Union Fenosa Internacional, S.A. (UFI) for the future purchase of all the latter's share in First Philippine Union Fenosa, Inc. (FPUFI) in the amount of US0,000,000 subject to the satisfaction of certain conditions precedent. This acquisition is expected to be executed in 2008.

FPUFI is a holding company owned by FPHC (60%) and UFI (40%). In turn, FPUFI owns 230,084,791 shares of Manila Electric Company (Meralco), or 22.86% of Meralco's outstanding capital stock. 

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Lopez Holdings Corporation 
16/F North Tower, Rockwell Business Center Sheridan, Sheridan St. corner United St., 1550 Bgy. Highway Hills, Mandaluyong City, Philippines

  • Trunkline: (632) 8878 0000
  • Fax: (632) 8878 0000 ext 2009
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