The Lopez family majority has raised concerns over the structure and disclosure of First Gen Corp.'s planned investment in the hydropower business of Prime Infrastructure Capital Inc., reviving tensions within the family weeks after both sides signaled a pause in their dispute, according to a report by BusinessWorld.
In a statement on Tuesday, the Lopez majority alleged that First Gen Chairman Federico R. Lopez failed to provide adequate information on the proposed transaction, which involves the acquisition of a controlling stake in Prime's hydro assets. The group questioned the valuation and the process, saying it lacked transparency and could dilute minority shareholders.
The development marks a return to public friction within the Lopez family after a brief détente, highlighting ongoing governance concerns at First Gen. The company has yet to issue a formal response to the allegations as of press time.