MANILA, Philippines – Oil company Phoenix Petroleum Philippines Inc. announced it raised P1.2 billion via share sale to finance expansion and debt payment.
In a disclosure to the Philippine Stock Exchange on Tuesday, March 12, Phoenix Petroleum said parent Phoenix Petroleum Holdings Inc. sold 130 million shares of the company at P9.40 each in a private placement.
It said it would use the proceeds for debt payment and the construction of new retail gas filling stations.
“There was good participation from international as well as domestic accounts and hedge funds. More than 30 accounts participated in total for the equity placement,” according to CLSA Limited, which facilitated the transaction.
Phoenix Petroleum is an independent oil company engaged in refined petroleum and lubricant trading, oil depot and storage facility operations, and shipping. The company has 255 gas stations across the country. – Christian Bautista/Rappler.com