Phoenix Petroleum sells P807M treasury shares to trim debt
Phoenix Petroleum of Davao-based businessman Dennis Uy raised P807.18 million from the sale of treasury shares.
The oil firm sold 70.19 million treasury shares at P11.50 per share, which is lower than the 30-day volume weighted average price of P11.657 per share.
Proceeds from the sale shall be used to retire existing debt that has increased due to the acquisitions and investments made by the company since the start of the year
Early this year, Phoenix acquired the Petronas liquefied petroleum gas (LPG) brand with the purchase of Petronas Energy Philippines Inc. (PEPI) and Duta Inc. for $126.1 million or P6.27 billion.
Phoenix recently announced.plans to acquire the Philippine retailing business of Japanese convenience store chain FamilyMart from SIAL CVS Retailers Inc.—a joint venture among Ayala Land, SSI Group, FamilyMart Co. Ltd. and Itochu Corp.