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Pangilinan offers to buy Shell's Malampaya stake


Pangilinan offers to buy Shell s Malampaya stake
Updated Mar 3, 2021 12:38:00 PM
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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. ....

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