THE SECURITIES and Exchange Commission has approved petroleum distributor Phoenix Petroleum Philippines Inc.’s plan to sell to retail investors as much as P2 billion worth of preferred shares.
Phoenix was authorized to sell to the public at least 10 million non-voting preferred shares at P100 per share with an option to upsize the offer by another 10 million preferred shares, based on a document from the SEC.
Proceeds will be used by the company to complete the construction of 61 retail stations in the key cities of North and South Luzon, Visayas and Mindanao as well as to put up storage facilities in Cebu and General Santos.
The company has mandated PentaCapital Investment Corp. as sole issue manager and joint lead underwriter. other joint lead underwriters are Multinational Investment Bancorporation and AB Capital and Investment Corp.
Phoenix is in the business of trading refined petroleum products, lubricants and other chemical products. It also operates depot and storage facilities as well as allied services.
As of end-June, Phoenix had a total of 443 service stations of which 158 were located in Luzon, 62 in Visayas and 223 in Mindanao. It has a share of 4.1 percent in the local petroleum market.
The company is led by president and chief executive officer Dennis Uy.