Power

Dennis Uy open to sale of Phoenix Petroleum and subsidiaries

Phoenix Petroleum Philippines founder and CEO Dennis Uy has signalled his readiness to sell any businesses within the group.

In a regulatory filing, Phoenix said Uy was open to sell a minority or majority stake in the company and its subsidiaries.

“Mr. Uy explained that as in any business, the company or any of its subsidiaries is open to any investors, major or minority, willing to invest in its operations and can further add value to its business activities and be beneficial to its stakeholders,” Phoenix said.

“These offers are nothing new to the company and consistently, it has been open to all investors who believe in its core business and can bring in value to its operations, finances, and to its shareholders,” the company pointed out.

In 2017, Phoenix sold a 25% stake to Singapore-based ES Consultancy Group for P4 billion to fund the construction of Uy’s integrated casino resort in Mactan, Cebu.

ES Group is a company that focuses on financial strategy, corporate mergers and acquisitions, as well as joint ventures.

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