Phoenix Petroleum to issue P5 billion in shares


Posted at Nov 23 2018 03:30 PM

A Phoenix Petroleum sign is shown in this file photo. Mark Demayo, ABS-CBN News

MANILA -- Phoenix Petroleum said Friday its board approved the issuance of P5 billion in perpetual preferred shares.

The company chaired by Davao businessman Dennis Uy said it tapped BPI Capital Corp and RCBC Capital as joint issue managers, underwriters and bookrunners.

Phoenix Petroleum also announced in a disclosure to the stock exchange that it was redeeming the second tranche of a preferred shares issued on Dec. 20, 2013.

Uy in recent years has parlayed the success of Phoenix Petroleum to stakes in shipping, convenience stores and telecommunications.