By Jenniffer B. Austria – May 26, 2019 at 07:10 pm
Businessman Dennis Uy is willing to revisit plans to invest in upstream oil and gas firm PXP Energy Corp. if there is progress on joint explorations in the West Philippine Sea area.
PXP and Dennison Holdings Corp., the holding company of businessman Uy, mutually cancelled in March an agreement to subscribe to 340 million common shares of the exploration firm for P4.029 billion.
Uy said in an interview after the recent annual stockholders’ meeting of PH Resorts Holdings both parties mutually agreed to drop the subscription agreement in the absence of progress on the government-to-government joint exploration.
“We both agreed not to pursue it because of the uncertainty of government-to-government. But we agreed to revisit it once there is an opportunity,” Uy said.
“MVP (Manuel V. Pangilinan) said he will invite us again once there is progress,” Uy added.
PXP in October agreed to sell 340 million shares to Dennison Holdings for P11.85 apiece subject to the fulfillment of certain conditions.