Pangilinan-led PXP Energy Corp. hiked its stake in Canada-based FEC Resources Inc., strengthening its control over a West Philippine Sea petroleum service contract operator. In a regulatory filing yesterday, PXP said it subscribed to an additional 131.56 million ordinary shares of FEC, effectively raising its stake to 81.25 percent from 78.39 percent. The subscription was transacted via a conversion of an outstanding loan of $1.16 million – inclusive of accrued interest – into new shares of FEC.

Lelis, B. (2025, August 2). PXP ups control over WPS petroleum block operator. The Philippine Star, p. B4.