SSS not keen on selling 22% Philex stake – Neri

MANILA, Philippines – The Social Security System (SSS), is not keen on selling its 22-percent stake in Philex Mining Corp. (Philex), the country’s largest publicly listed mining company.

SSS president and chief executive officer Romulo Neri said the agency may only sell its stake in the middle of next year to optimize pricing.

“We have no interest in selling it now. There are too many good developments in Philex,” he said.

Neri noted the recent discovery of Philex affiliate Pitkin Petrolem Plc of a major oil and gas field in offshore Vietnam.

Philex announced last June that Pitkin has successfully completed the drill stem testing of the Ca Rong Do discovery well in offshore Vietnam which flows oil at a combined rate of 3,265 barrels per day plus 8.1 million standard cubic feet of gas per day.

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