First Philippine Holdings Corp. (FPH) will proceed with its annual stockholders' meeting (ASM) on 27 July after the Securities and Exchange Commission (SEC) said the meeting may be held as scheduled, including the election of directors, provided it complies with an existing court order tied to the ongoing Lopez Group dispute.

In a disclosure on Friday, FPH confirmed receiving a 30 June letter from the SEC Ad Hoc Committee on Matters Concerning the Lopez Group of Companies.

The committee said that earlier guidance issued by the SEC's Markets and Securities Regulation Department and the Office of the General Counsel remains applicable to the parties in the pending case before the Regional Trial Court (RTC), Branch 209, of Mandaluyong City, as well as their successors and representatives.

The committee also said the ASM may proceed as planned, with the election of directors included in the agenda.

"The ASM may be conducted as scheduled, with the election of directors as part of the agenda," FPH said in its disclosure, citing the SEC committee's letter.

However, the company said the meeting must be conducted in a manner consistent with, and not contrary to, the RTC's 16 March order extending the temporary restraining order and directing the issuance of a writ of preliminary injunction.

The WPI prohibits the defendants in the RTC case, including their successors and representatives, from replacing Federico R. Lopez as an officer, director, or corporate representative in corporations where Lopez Inc. holds shares and exercises voting rights through its president.

It also bars any action that would render the injunction ineffective, moot, or academic.

FPH said it will coordinate with the SEC committee to seek clarification on how the guidance should be implemented in light of the WPI and other pending cases.

The company said it will also take into account the regulatory requirements and deadlines for the scheduled 27 July annual meeting.