Two Manuel Pangilinan-led firms, Philex Petroleum Corp. and Philex Mining Corp., as well as Forum Energy Plc, have all agreed to increase a $15-million loan facility to $18 million intended to boost Forum’s capital.
Through separate disclosures to the Philippine Stock Exchange, both Philex Mining and Philex Petroleum said that they have an agreement with Forum to increase and extend the repayment date of a $15-million loan facility.
The loan facility was initially provided by Philex Mining to Forum’s wholly owned subsidiary, Forum Philippines Holdings Ltd., on November 24, 2010.
“The facility, which has been fully drawn down, has now been further increased to $18 million, and the repayment date for all amounts drawn under the facility has been extended to November 24, 2016,” the Philex Mining disclosure further said. In addition, Philex Mining has assigned its rights and obligations under the facility to Philex Petroleum.
“This increase in the facility and the extension of its repayment date will continue to assist in funding forum’s working capital requirements,” both Philex Mining and Philex Petroleum said in two separate filings with the local bourse.