Dennis Uy's Malampaya takeover faces re-evaluation after firm's financial health questioned

"extensively reviews" his company's acquisition deals after the Senate questioned its capability to finance such purchases with only $100 capitalization.

In March last year, Uy's Udenna formally secured a 45% controlling interest in the gas field in offshore Palawan.Cusi's statement comes after the Senate earlier this week grilled DOE officials as lawmakers raised eyebrows on the revelation that Udenna's unit Malampaya Energy XP Pte. Ltd.—the winning bidder for the purchase of Shell Philippines Exploration's 45% operating stake in Malampaya gas field—has a capital of only $100.

"In addition, the seller was satisfied with our financial capabilities, among others, which is why it awarded the contract to us. With all due respect, being a private contract, the seller was in a better position to determine who is best suited to continue the Malampaya operations after conducting its own due diligence," Zorilla said.

Source: Energy Industry News (energyindustrynews.net)

Share the info kabayan share the info parang ano yung start a time partying 96000 ang puhunan tapos 10 billion nakuha 10 billion 400 million kabayan

Paraan para ni marcos ang study duterte para ampalayo corona corona system corona corona ronnie ronnie

Pang sari sari store lang yun capitalization nya. Really shows duterte is just financing this guy. Walang kaswave swave just like duterte speaks

Looking at all the edges,seems like this crony is nothing but a hollow dummy.Hope that the Senate will do its work extensively, decisively and HONORABLY.Expecting the few good men of the Senate to protect the interest of the whole nation against burgeoning business encroachment.

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