From what I can gather, the Philippines restrict foreign...

From what I can gather, the Philippines restrict foreign ownership of orginisations engaged in the expoloration, development and utilization of natural resources to 40% (https://www.sec.gov.ph/wp-content/uploads/2019/11/EO-98-_-6th-Foreign-Investment-Negative-List.pdf) - DYOR

X64 states in their 2022 annual report (pg 147) "As X64 has various agreements in place and pursuant to local statutory provisions, X64 has effective sole rights to the economic returns of MEDC and its subsidiary companies. In such circumstances, the assets and liabilities of MEDC and its subsidiaries have been attributed 100% to the Consolidated Entity." - DYOR