THE Philippine Stock Exchange (PSE) has approved a plan for Phoenix Petroleum Philippines Inc. to raise P7 billion via a follow-on offering (FOO).
In a regulatory filing late Thursday, the PSE said it authorized Phoenix to sell seven million preferred shares at a tentative price of P1,000 each. This is inclusive of a base size worth P5 billion and an overallotment option of up to P2 billion.
The shares are targeted for listing on the PSE’s main board on 7 November 2019. Offer period is expected to commence from 21 October until 29 October, while final price setting will be on 17 October. The shares will be traded under the ticker symbol “PNX4.”
In a copy of the prospectus, the company said proceeds from the planned offer will be used for working capital and other general corporate purposes.
Phoenix tapped China Bank Capital Corporation and PNB Capital and Investment Corporation as its lead underwriters.
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Phoenix is the oil company owned by tycoon Dennis Uy, which has 650 branches at present. It is primarily engaged in the trading of refined petroleum products on wholesale and retail basis and operating of gas stations, oil depots, storage facilities and allied services. Its operation is divided between trading, and terminal and hauling services.
Earlier this month, the company announced an investment of $12.6 million for its newly-formed Singapore-based subsidiary PNX Petroleum Singapore Pte. Ltd. to expand its trading business.
Phoenix said PNX Petroleum is venturing into a liquefied petroleum gas (LPG) offtake from Brunei to the Philippines in line with its move to strengthen its network. PNX signed a partnership with Singapore-based Hengyi Industries International Pte. Ltd. for the LPG offtake venture.
