Businessman Dennis Uy-led Phoenix Petroleum Philippines successfully raised P 7 billion from the issuance of a new series of perpetual preferred shares.
The offering comprised 7 million Series 4 non-voting, non-covertible and redeemable preferred shares sold at P1,000 each share.
Proceeds from the offering will be used to partially finance its capital expenditures and for other general corporate purposes.
“I am optimistic that the company will continue its growth trajectory particularly as it intends to use a portion of the proceeds from this offering for depot and network expansion and improvements,” said Philippine Stock Exchange chairman Jose T. Pardo during the listing ceremony for Phoenix Petroleum’s preferred shares.
The money will be used for terminal upgrades in Batangas and Misamis Oriental, while new terminals will be constructed in General Santos and Cebu.