July 25, 2024


World Business Inquiries

Listed energy firms go online for stockholders’ meetings

2 min read

Several energy firms have opted for remote or online attendance for their annual stockholders’ meeting scheduled up to May, while a few others have postponed theirs, in light of the new coronavirus disease (COVID-19) crisis.

In separate disclosures, Ayala-led AC Energy Philippines Inc. (ACEPH) and AC Enexor Inc. (ACEX) said their meetings—both set for April 20—would be held online, providing specialized websites through which shareholders can participate by means of remote communication and voting in absentia. In their annual meeting in 2019, before the Ayala group secured controlling stakes in both firms, they were known respectively as Phinma Energy Corp. and Phinma Petroleum and Geothermal Inc.

ACEPH and ACEX said an in-person meeting was scuttled in order “[t]o comply with recently issued regulations prohibiting mass gatherings, identi­fying specific persons authorized to go outside of residence, and/or requiring social distancing, to prevent the spread of COVID-19.”

Their sister firm Manila Water Co. Inc. made a similar announcement for a meeting on April 17.

Aboitiz Power Corp. also said their meeting would be streamed live, and stockholders may attend, participate and vote by remote communication or in absentia, using an online portal.

Petron Corp. of the San Miguel group said it “may conduct its [meeting] and have the voting through remote communication, in accordance with applicable law or regulation, in view of the coronavirus 2019 health concerns.”

Meanwhile, the Lopez group’s First Gen Corp. has postponed their May 13 meeting.

“The company intends to reschedule the said meeting on or about the week falling 90 days following the formal lifting of the quarantine, and provided the circumstances prevailing at that time will safely allow the holding of such a meeting,” First Gen said.

DMCI group’s Semirara Mining and Power Corp. has also postponed their May 4 meeting and, likewise, would still determine a new date.

Phoenix Petroleum Philippines Inc. also put off their March 27 schedule, citing the lockdown in Metro Manila as well as the Davao City government’s prohibition of meetings and gatherings. Phoenix “will announce and disclose the new date at the appropriate time.”

Manila Electric Co. and PXP Energy Corp.—both led by Manuel V. Pangilinan—have not made updates on the status of their meetings on May 26 and May 27, respectively.

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