Pangilinan offers to buy Shell's Malampaya stake Updated Mar 3, 2021 12:38:00 PM enablePagination: false (FILE PHOTO) Metro Manila (CNN Philippines, March 3) — Business tycoon Manny Pangilinan has officially offered to buy Shell Philippines Exploration B.V.’s 45% stake in the Malampaya gas facility. "We have submitted a final non-binding offer to Shell," Pangilinan said, referring to First Pacific Company Ltd., during Meralco's virtual briefing on Monday. Pangilinan is chief executive officer of the Hong Kong-based investment management and holding company. The Meralco chairman added that the offer, which was submitted 5:01 p.m. last Friday, was a group effort. "It's not just First Pacific. Philex Mining was part of that group that made a joint offer because Philex Mining is part owner of PXP Energy, which owns 70% of Forum [Energy]," Pangilinan said. "One or two other" banks were also part of the group, he added.