PLDT drops lawsuit against First Pacific

Are we entering the next phase of the PLDT-First Pac debacle?

It was one of the more astounding moments in the history of corporate Asia. It involved PLDT suing its controlling shareholder, First Pacific in a New York court. Obviously, companies don't sue their controlling shareholders very often.

However, PLDT did, in response to First Pac's attempt to sell its controlling stake to the Gokongwei family. The issue at stake was highly technical. In July, PLDT sued First Pac for failing to disclose its memorandum of agreement with Gokongwei. Since PLDT is listed in the US, First Pac should have done this when it filed its 13D statement - due to a material issue of control occurring, and First Pac owning more than 5% of...

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