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Stake slashed 10% in last 2 years: SSS jettisons 3M PXP shares in 2020

The Social Security System has been lightening up its holdings in PXP Energy Corp.

The state-run pension fund unloaded 570,000 PXP shares in December 2020 at a price range of P13.32 to P14.16.

SSS sold a total of three million PXP shares in 2020.

SSS sold a total of three million shares in 2020 which reduced its stake in PXP to 207.487 million shares or 10.59 percent as of end-2020.

SSS has slashed its stake in PXP by 10 percent from 232.54 million shares over the last two years or since the start of 2019.

SSS stepped up its selling shortly after PXP shares jumped 45 percent to P11.16 in mid-October after President Duterte lifted the six-year ban on wildcatting activities in the West Philippine Sea.

PXP, through Forum Ltd., has ongoing discussions with China National Offshore Corp. to explore the area for oil and gas. PXP is controlled by the Salim-Metro Pacific group which has a 60 percent stake in the firm.

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