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Analyst: SEC intervention in company stockholders meet unprecedented
MANILA, Philippines - Stocks analysts on Tuesday expressed surprise over the decision of the Securities and Exchange Commission (SEC) to take over the annual stockholders meeting of the Manila Electric Co. (Meralco). In an interview with radio dzBB, Francis Liboro, president of the Association of Stock Analysts of the Phillippines, said SEC's move to take over Meralco's stockholders meeting is unprecedented, sending shivers in the corporate arena. "This is the first time that the SEC has done this so we're worried why all of a sudden they stepped in during this type of meeting," Liboro said. Liboro said the SEC decision is a matter of concern as it will adversely affect the share price of Meralco. "Kawawa d'yan yung shareholders ng Meralco na bumili ng stocks na ngayong bumabagsak... Yan ang problema. I'm sure nabalitaan na ng market ang nangyari so it's possible mas mababa na siya ngayon (It is the Meralco shareholders who will suffer now that the shares are dipping. That is the problem. I'm sure the market has already heard the news so it is possible that the share price would dip further)," Liboro said. Liboro said with the SEC decision is not expected to halt the Meralco stockholders meeting for long and that the issue on proxies will immediately be settled. "Technically hindi naman hinihinto nila, sinasabi lang na (Technically, the SEC is not stopping the proceedings, what they are saying is) they will take over the proceedings and they will start to question, they can question now the validity of all the proxies," Liboro said. - Amita Legaspi, GMANews.TV
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