PHILIPPINES' LOPEZ NOT KEEN ON INCREASING ITS STAKE WITH MERALCO.

MANILA, May 1 Asia Pulse - The Lopez Group has no plan to further increase its shares with the Manila Electric Company (Meralco) now more than 33 per cent.

Oscar Lopez, chairman and chief executive officer of First Philippine Holdings Corp., stressed that their focus is really to continue improving the services and operations of the country's leading distribution utilities.

"Were not going to buy additional shares right now, but we'll continue to do what weve been doing, operating the company to the best of our ability," he told reporters during the company's listing of the its preferred shares at the Philippine Stock Exchange Wednesday.

Lopez also denied having knowledge on the issues and ultimate plan of Winston Garcia, president of the Government Service Insurance System (GSIS) which recently acquired the governments 10-percent share in Meralco.

"I don't know about the ultimate plan of Mr. Garcia, whether he is doing this in order to get a better price for his share because that is his main business, to go in the company and try to shake it, to get a good price," he said.

It was reported that Garcia was sending letters to the Meralco board asking for the copies of the audited financial statements of the company, reports of its commercial transactions and ...