Independent oil marketing company Phoenix Petroleum Philippines Inc. said it will purchase a majority stake in Pos!ble.net from Action Able Inc. (AA) and Think.Able Ltd. (TA), which own the Philippine-based digital payment platform.

Pos!ble.net enables and facilitates financial transactions between a merchant, who avails and uses the service, and his customers who use the platform to purchase prepaid loads, pay bills and send money remittances through a single point of sale device.

The value of the transaction is PHP 72 million (USD 1.37 million).

Phoenix Petroleum said the acquisition of Pos!ble.net would support its business operations and is synergistic with its retail network development plan, including its subsidiaries and affiliates such as the business operations of its recently acquired chain of convenience stores, Philippine FamilyMart, from the Ayala Group.

Udenna Group, which owns Phoenix Petroleum, consists of a dynamic group of companies engaged in diverse businesses including shipping and logistics (CLC and 2Go), real estate and property development (Udevco), education (Enderun) and convenience stores (FamilyMart).

Udenna is also behind Clark Global City, a fully master-planned central business district in Mabalacat, Pampanga province.