5 months MVP, Dennis Uy cancel oil/gas exploration venture MB |Biz
By Myrna M. Velasco It was a “get-engaged-then-don’t marry” kind of arrangement on the oil and gas exploration deal at the Recto Bank between the groups of business magnates Manuel V. Pangilinan and Dennis A. Uy. The parties through a disclosure at the Philippine Stock Exchange (PSE) indicated that the cancellation of the business tie-up between PXP Energy Corporation of the Pangilinan group and Uy’s Dennison Holdings Corporation had been a “mutual” decision. Pangilinan-led PXP Energy in particular noted that “the cancellation of the agreement does not affect the funding obligations of the company in respect of its various service ... more