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Article: Legal hurdles stand in the sale of PLDT; If Gokongwei is buyer.(Business)
- Article from:
- Manila Bulletin
- Article date:
- June 2, 2002
CopyrightCOPYRIGHT 2002 Manila Bulletin Publishing Corp. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Legal hurdles stand in the way to the buyout of First Pacifics 24.4 percent voting stake in the Philippine Long Distance Telephone Co. if and when the Gokongwei group is indeed the actual buyer.
Although widely reported at the interested buyer, the Gokongwei family has not admitted nor denied the reports. The only reaction that No. 1 heir Lance Gokongwei made was that they don't comment on speculation even as the group was "open to acquisitions."
The first major legal impediment could be the PLDT bylaws.
Article V, Section 1 of PLDT's by-laws defines the qualifications of the company's directors. Section 1 states: "No person shall qualify or be ...