Phoenix Petroleum Philippines Inc., the oil company of Davao-based businessman Dennis Uy, said it will implement strategies that will preserve resources to improve operations and ensure the long-term sustainability of the business.
In a disclosure to the stock exchange on Monday, Phoenix Petroleum announced that its board approved the company's declaration of dividends. However, the board agreed to defer the issuance of preferred shares for the last quarter of the year.
The company, thus, assured that it will maintain its commitments to stakeholders.
P1B for expansion
Despite a challenging year, Phoenix previously announced that it allocated P1 billion for the expansion of the petroleum retail network, depot, terminals and logistics facilities and information technology infrastructures, among others.
Phoenix Petroleum has nationwide trading and marketing of refined petroleum products — including LPG and lubricants, operation of oil depots and storage facilities, hauling and into-plane services; convenience store retailing and trading and supply.
As of the first nine months of the year, it has 697 operating retail service stations.