Businessman Oscar De Venecia gained P15 million after selling a big chunk of Basic Energy at the height of its stock market frenzy.
The Basic Energy chairman and founder told the Philippine Stock Exchange he sold 7.867 million BSC shares at P1.92 each on 18 January 2021 or better than the P1.86 closing price on the same day. De Venecia made the report four days later or January 22.
De Venecia’s disclosure triggered a sell down in BSC which plunged to a low of 92 centavos before closing at P1.28 on Friday.
Curiously, De Venecia was more prompt in reporting his sale of P310,000 worth of BSC shares (175,000 at P1.72) on January 20, which he reported a day later.
De Venecia’s personal stake in BSC has dropped by 60 percent to 5.24 million after the January 18 sale.
Two other Basic Energy directors also unloaded their shares this month but at significantly modest prices:
* independent director Eduardo Manalac sold 8 million shares at 70 centavos each on January 13; and
* director Florina M. Chan sold 1 million shares at P1.05 each on January 14.
BSC has surged by as much as 300 percent since it resumed trading on January 13 (after getting suspended suspended since December 18,2020) after the Filoil group of Rafael Villavicencio (a close friend of De Venecia’s son, Carey) agreed to buy 67 percent of Basic Energy for P2.8 billion (9.827 billion shares at 28.5 centavos per share) last December.