Dennison Holdings Corp. led by businessman Dennis Uy fully paid an initial downpayment of P40.29 million for its subscription of shares in PXP Energy Corp., with the full payment of P4.03 billion due by March 31.
Dennison agreed in October 26 agreed to subscribe to 340 million common shares in PXP for a total subscription price of P4.03 billion.
“Following the subscription to the shares and full payment of the subscription price, Dennison shall be entitled to at least one seat in the board, to nominate the vice chairman of the board, and as well as all other rights of a shareholder,” PXP said earlier.
PXP parent Philex Mining Corp. earlier paid a 25-percent downpayment, or P770.25 million, as part of a subscription agreement involving 260 million common shares of PXP Energy Corp. at P11.85 apiece, or a total of P3.081 billion.
The total subscription of both Dennison and Philex in PXP Energy reached P7.11 billion, which the oil and gas exploration company plans to use to fund exploration projects.