Philex Mining Corporation added P 1.3 billion to the subscription deal with PXP Energy Corporation raising its stake in the said oil and gas firm.
Philex Mining’s disclosure to the stock exchange reads, “Further to our previous disclosure last 27 December 2018, please be informed that Philex Mining Corp. paid today the amount of P1,386,450,000 in relation to its subscription payable to PXP Energy Corp.”
Meanwhile, PXP Energy confirmed its receipt of the payment from the mining firm through a separate disclosure.
To date, the mining company had paid PXP Energy P 2.16 billion in total.
Initially, Philex Mining handed P 770.25 million for the 25 percent down payment of the subscription agreement it signed with PXP Energy on October 2017.
The said subscription agreement involves the Philex Mining’s ownership of 260 million common shares of PXP Energy costing P 11.85 per share, or equivalent to P 3.08 billion.
A remaining balance of P 925 milliion will be settled from the date of the “call” by the PXP Energy board which was not yet disclosed.
Upon the completion of payments, Philex Mining’s share of 19.76 percent in PXP Energy will increase to 25.91 percent.
Dennison Holdings Corporation of businessman Dennis Uy recently subscribed to PXP Energy’s share as well. It now owns 14.78 percent of stakes in the oil and gas company.
According to Dennison Holdings, the proceeds from the private placement shares will be used to support PXP Energy’s exploration activities and its other oil assets here in the county and in Peru.
Other investors tapping PXP Energy are Asia Link B.V. (16.73 percent), Social Security System (13.73 percent), First Pacific Co. Ltd. (8.23 percent), and Two Rivers Pacific Holding Corp. (7.72 percent), with the balance held by the public.
