PHILEX Petroleum Corp. raised its stake in UK-based oil and gas firm Forum Energy Plc. after the share purchase offer by the Manuel V. Pangilinan-led Philippine company was accepted by Forum’s qualified shareholders.

In a disclosure to the Philippine Stock Exchange (PSE) on Wednesday, Philex Petroleum said it currently holds direct and indirect interest of 60.49 percent in Forum, which “will increase to 67.19 percent upon completion of the offer.”

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