Dutch firm buys into Philex subsidiary

Philex Mining Corp. on April 24 said that a Dutch firm has bought into its wholly owned subsidiary Philex Petroleum Corp. Philex said it signed a share purchase accord with Anatolian Property B.V. on April 23 wherein the mining firm agreed to sell 245 million shares of Philex Petroleum for $5.918 million to the Netherlands-based firm. The shares are equivalent to 49 percent of the outstanding capital stock of the oil subsidiary. In March, Philex Petroleum bought 19.85 percent of Petroenergy Resources Corp. (PERC) as part of the company’s increasing investment in oil exploration and production. PERC is engaged in oil exploration and technical services to other firms exploring oil in the Philippines. This is the second time the petroleum subsidiary bought into another oil exploration firm.

in Manila Times by Likha C. Cuevas-Miel
April 25, 2008
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