Phoenix Petroleum Philippines Inc. is issuing up to P5 billion worth of preferred shares to raise funds for its expansion plans.
In a regulatory filing, Phoenix said its board had approved the listing with the Philippine Stock Exchange of the perpetual preferred shares.
BPI Capital Cor. and RCBC Capital were named joint issue managers, joint underwriters and joint bookrunners.
Also, Phoenix is redeeming the second-tranche of preferred shares that were issued on Dec. 20, 2013.
Phoenix is into nationwide trading and marketing of refined petroleum products, operation of oil depots and storage facilities, and hauling and provision of into-plane services.
It recently added to its portfolio a liquefied petroleum gas business acquired from Malaysia’s Petronas; convenience store retailing under the Family Mart brand, and overseas trading through its Singapore operations.
Phoenix has opened 558 stations nationwide as it continues to build its position in the commercial segment, mainly in the marine and road transport sectors.
With the expected growth in domestic tourism, Phoenix has expanded its fueling services to 18 domestic airports.