MANILA - Phoenix Petroleum said Thursday its board of directors has approved two planned acquisitions that will boost its liquefied petroleum gas business.

Phoenix will acquire 100 percent of shares owned by PDB (Netherlands) in Petronas Energy Philippines Inc and another 100-percent interest in Duta Inc.

The company told the stock exchange that it would pay $126.1 million (P6.27 billion) cash for the two acquisitions.

Phoenix Petroleum is headed by Davao-based businessman Dennis Uy. whose holding firm, Udenna Corp, recently finalized its acquisition of hospitality and business administration school Enderun.