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Obscure real estate firm taking over de Venecia’s Basic Energy

An obscure real estate company is buying a controlling stake in Basic Energy of businessman Oscar de Venecia.

Basic Energy has signed a memorandum of agreement on December 21 with MAP 2000 Development for the acquisition of at least 67 percent of the energy firm’s outstanding capital stock.

MAP 2000 will buy 9.827 billion shares in Basic Energy’s capital hike from P2.5 billion to P5 billion.

Basic Energy described MAP 2000 as a “Philippine registered company engaged in real estate acquisition, development, and management, and as well as in investing in real properties and acquiring shares of stocks of viable corporations to exercise rights of a shareholder.”

The Philippine Stock Exchange suspended indefinitely Basic’s trading following its disclosure.

“In view of the materiality of the foregoing information, and subject to the Exchange’s further evaluation of the transaction disclosed by the Company, the Exchange will implement a trading halt on BSC shares starting 9:00 a.m. today, December 21, 2020,” said PSE.

Basic last traded at 47 centavos, or four times its 52-week low.

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