Light trading
Trading was very light this 26th day of May. Only Php1.67 billion worth of shares were traded this first day of the week. The PSEi went down by 8.76 points. But nobody seems to care about that.
Spotlight on Meralco
The trading community seems more interested on how this whole Meralco thing pans out. Winston Garcia has been taking pot shots at the Lopez family and how they are managing Meralco. He blames them for the high cost of energy.
One word against the other
So far, I find the Lopezes to be a lot more credible that Winston Garcia. I find it hard to believe Mr. Garcia. Just earlier today on the news, he said that the Lopezes are trying to get him out of Meralco's board. That statement alone is hard to make sense of as he claims GSIS owns a 25% stake of Meralco. Based on the facts available to me, this is what makes we wonder: Even if the Lopezes gain the entire 75% vote, they cannot deprive the GSIS of at least one seat on the board because of the voting system under our Corporation Law. In fact, they can probably get more than one, but I'm too tired to compute exactly how many seats they are entitled to right now. Even if they cheat, which we have no evidence of, they can not deprive GSIS of a seat. If Mr. Garcia wants to stay in, he'll stay in. Hence, until these things are explained to me, I'm under the impression that he may very well just be making noise. I hope he clarifies things so we can form proper opinions about the issues he's raising.
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