BIZ BUZZ: Phoenix on the block

What a difference a change in administration can make.

During the time of former President Rodrigo Duterte, Dennis Uy stood out and was deemed a Pac-man for gobbling up all sorts of businesses, from casinos to energy, cars, telecommunications and even restaurants.

The accumulated debt has unfortunately proven too heavy to carry thus he has reversed course and is now on a selling spree.

Just recently, we reported here in Biz Buzz that Uy has struck a deal to sell Conti’s Bakeshop & Restaurant and Wendy’s Philippines to 41-year-old entrepreneur Crystal Jacinto.

But even before that deal was hatched, Biz Buzz sources say that he has been quietly selling off bits and pieces of Phoenix Petroleum, which he established in Davao in 2022.

Stations across the country have been bought and taken over by other parties, providing Uy with needed cash and offers to buy other stations are being entertained.

At this rate, will Phoenix eventually be sold lock, stock and barrel? Abangan. —Tina Arceo-Dumlao

Converge sets dividend policy

Investors who have been betting on the stocks of Converge ICT Solutions Inc. are about to receive their first ever cash dividends from the internet service provider that has been continuously growing since going public in October 2020.

Last week, the listed company approved the declaration of special cash dividends of P0.18 per common share or P1.31 billion in total. These will be sourced from the unrestricted retained earnings in 2023.

The record date is Sept. 24 while the payment will be on Oct. 10. This is earlier than the 2025 target dividend declaration the company set previously.

The fiber broadband provider also approved its inaugural dividend policy: a payout rate of 25 percent to 30 percent of net income based on latest audited financial statements.

“With the continued strength of the earnings growth and operating cash flow generation at Converge, we remain well positioned to support the dividend policy going forward,” Converge president and co-founder Maria Grace Uy.—Tyrone Jasper C. Piad INQ