When pxp bought the controlling issue of fecof.... over 50% ownership, they went in their new subsidiary and put the same management in fecof and its board that also is connected and sits with pxp's. Management.
Ongpin went to court facing serious charges but was dismissed, for buying shares of Philex petroleum ( who once owned pxp petroleum and later spun it off as pxp energy with ownership in its forum shares( which even then were slowly being bought from fec corp back then ( fec had the forum shares/c72 contract once, which they bought from sterling), which ongpin ordeal was that he helped buy philex shares under his company back then and sold it to "first Pacific" ( the mother of all aggressive transactions and whose hand is in the biggest transactions in ph ( first pacific has ties to china and is Manuel Pangilinans Beginning), s this was done by ongpin ( the other billionaire) to help first Pacifica aggressive takeover of Philex petroleum.
I write this with parenthesis within parenthesis to paint the picture clearly on how you must sometimes if not always, read between the lines.
A side note is that Sterling which later sold its forum shares to fecof, (a Canadian company)had the huge stake and Sterling intentionally Did a deal with Tidemark (a ph company)with the strategy of appeasing Ph laws and having a ph company on the deal for doing this as well as to lower their taxes on this deal for doing so. The ph has restrictive and unique laws to go around.
Tidemark with its 30% ownership of Sc72( separate from forum shares ownership of the other 70% of sc72).
Tidemark was bought by mount Oro, A private company. Not many years ago Apex (a public company) bought mount Oro resources so now Apex mining in ph has that 30% stake in sc72 and is by far the least volatile stock out there with a great position to profit from this situation.
Many Pangilinan who is half Chinese and half philipino originating from China's first pacific financial has had his loyalty questioned more than a few times including when he invited cnooc to do the deal 6 years ago in the midst of the conflict. The term Manchuria Candidate quickly comes to mind for me. Duterte who campaigned really tough against the Chinese actions on ph sovereignty has totally flipped and became the most friendly puppy with china being quoted "I love Xi", ..... yes we know you love him, maybe too much.
I hope this helps a bit
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