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Oscar de Venecia sold more BSC shares than he initially reported, slashes stake by 76%

Businessman Oscar De Venecia pocketed more than the P15 million he reported from dumping shares of Basic Energy at the height of speculation on Filoil Group’s takeover of his half-a-century old company.

In a disclosure Monday, the chairman and founder of Basic Energy reported selling 2.133 million BSC shares at P1.95 on January 18 or a total value of P4.16 million.

READ: Filoil group levels up in power industry: Rafael Villavicencio partners with buddy Carey De Venecia in P2.8B backdoor listing of Basic Energy

This is on top of the 7.867 million BSC shares he sold at P1.92 each on the same day, January 18, which he disclosed Friday, January 22.

READ: Oscar De Venecia dumps Basic Energy shares at close to peak before massive sell-off

BSC shares dropped 18 percent to P1.05 following De Venecia’s belated disclosure of his sales transactions.

Overall, De Venecia sold 9.997 million BSC shares and slashed his stake in the company by 76 percent to 3.11 million shares.

Investors scrambled to buy up BSC shares after De Venecia revealed that 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.

BSC shares have surged by as much as 300 percent since resuming trading on January 13 after nearly a month of suspension.

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