Phoenix Petroleum raises P387.5M via sale of treasury shares

Business magnate Dennis Uy’s Phoenix Petroleum Philippines unloaded P387.5 million in treasury shares.

In a disclosure to the stock exchange, Phoenix said it sold 31 million common shares in treasury on Dec. 1 at P12.50 per share.

The treasury common shares were acquired and accumulated through the buyback program of the company since 2016.

Phoenix, the country’s third largest oil player, swung to the red in the third quarter with net earnings of P296 million, thanks to efficient cost-cutting measures and more stable oil prices.

Sales volume expanded by 42% as overseas demand nearly tripled due to the recovery of its domestic business.

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