Phoenix Petroleum gets approval to float shares to fund retail expansion

The Philippine Securities and Exchange Commission (SEC) has approved independent oil marketer Phoenix Petroleum Philippines Inc.’s plan to sell as much as PHP 2 billion (USD 43 million) of preferred shares to retail investors.

The SEC authorized Phoenix Petroleum to sell at least 10 million non-voting preferred shares at PHP 100 (USD 2.15) per share, with an option to offer an additional 10 million shares.

The proceeds of the share offering will be used to complete the construction of 61 oil retail outlets in the key cities of northern and southern Luzon, Visayas and Mindanao, and to build oil storage facilities in Cebu City and General Santos City.

Phoenix Petroleum has appointed PentaCapital Investment Corp. as the sole issue manager and joint lead underwriter.

Phoenix Petroleum has a 4.1% market share. As of June, Phoenix Petroleum had 443 service stations, 158 in Luzon, 62 in the Visayas islands and 223 in Mindanao. The company is headquartered in Davao City in Mindanao.