Phoenix Petroleum gets gov't approval for LPG acquisition | ABS-CBN

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Phoenix Petroleum gets gov't approval for LPG acquisition

Phoenix Petroleum gets gov't approval for LPG acquisition

ABS-CBN News

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MANILA - Phoenix Petroleum said Friday it secured the government anti-trust watchdog's approval to acquire Petronas Energy Philippines Inc.

The company founded by Davao-based businessman Dennis Uy bought out PDB (Netherlands) from Petronas Energy to boost its LPG or cooking gas portfolio.

The Philippine Competition Commission is required by law to review mergers and acquisitions worth at least P1 billion.

Phoenix Petroleum will also acquire a Duta Inc, which holds parcels of land used by Petronas Energy.

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Phoenix Petroleum shares were up 0.32 percent to P12.40 on Friday.

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