Victor Paterno’s Malaysian partner chows down P227 million 7-Eleven PH shares

The Taiwan-based Malaysian partner of bilyonaryo Victor Paterno in Philippine Seven (SEVN) has increased its share in the local 7-11 franchise holder.

President Chain Store (Labuan) Holdings bought 3.362 million SEVN shares at P67.50 each on October 19.

President Chain Store increased its stake in SEVN to 418.467 million shares or 55.32 percent.

On the same day, Paterno acquired two million shares at P67.50 each.

SEVN posted P1.315 billion in profit in the first nine months of 2022 from a net loss of P584 million during the same period last year.


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ERC to look into complaints of overcharging by power firms

Numerous complaints on increasing electricity rates have prompted the Energy Regulatory Commission (ERC) to launch an investigation on the accuracy and reasonableness of the generation rates being passed on by distribution utilities (DUs) to its consumers.