Business

Dennis Uy buys more Phoenix shares amid speculation on sell out

Bilyonaryo Dennis Uy picked up some shares of Phoenix Petroleum as speculation on his plan to liquidate assets and pay off its debts.

Uy purchased 100,000 shares of PNX at P12.30 per share on April 30.

This raised his personal holdings in PNX to 5.72 million shares or P70 million worth.

READ: Wendy’s connection: Lucio Co is odds on favorite to take over Phoenix Petroleum from Dennis Uy

During its annual meeting on May 3, PNX stockholders approved management’s plan to sell its assets to bankroll its debt reduction plans.

Among its interested buyers are bilyonaryo Lucio Co, Petron and SM group.

PNX ‘s profits plunged 96 percent to P62.56 million in 2020 with total liabilities of P61.371 billion.

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