Phoenix completes SPPT acquisition

Phoenix Petroleum Philippines Inc. has completed its acquisition of Subic Petroleum Trading and Transport Philippines Inc. (SPPT).

This will allow Phoenix to further expand its retail network in Luzon.

In a disclosure to the Philippine Stock Exchange, Phoenix said that through SPPT, it would boost its presence in the “northwest and parts of Central Luzon (Bataan, Zambales, Pampanga and Tarlac), and establish operations inside the Subic Bay Freeport Zone.”

The acquisition, it said, guaranteed the company of existing and valid licenses and permits to operate in the Subic Freeport Zone.

According to Phoenix, it purchased 100 percent of the 2,500 equity shares in SPPT at P800 apiece.

Prior to the acquisition, Global International (Subic) Phils. Corp. owned 2,495 shares in SPPT and five other individuals had owned the remaining five shares. Under the deal, Phoenix will own 2,495 shares while the five new directors at the SPPT board will own one share each.

SPTT, incorporated and registered with the Philippine Securities and Exchange Commission in 2007, is engaged in the businesses of buying and selling, supply and distribution, importation and exportation, storage and delivery of all types of petroleum and/or petroleum-based fuels for industrial, marine, aviation and automotive use, whether wholesale or retail.

SPTT, which is also registered with the Subic Bay Metropolitan Authority, was classified as a Subic Bay Freeport enterprise with permit to engage in importation, warehousing, transshipment, export and distribution of liquor, wines and  spirits, tobacco and cigarettes, and general merchandise.