Phoenix Petroleum raises P2 B from preferred shares

MANILA, Philippines - Phoenix Petroleum Philippines Inc. has completed the third tranche of its preferred share sale worth P2 billion.

In its disclosure to the Philippine Stock Exchange yesterday, Phoenix Petroleum said the public offering was completed last Dec. 11.

The 20 million perpetual preferred shares were offered in two series, of which 12.5 million were under Series A and 7.5 million under Series B.

Phoenix Petroleum assistant vice president for external affairs Raymond Zorilla earlier said proceeds of the offering will finance capital expenditures and boost added working capital.

Last August, the company’s board approved the share sale of up to 20 million perpetual preferred shares priced at P100 each.

The firm told the exchange the capital-raising activity will be issued by way of public offering subject to registration with the Securities and Exchange Commission (SEC) and listing with the PSE.

In the first tranche, the company issued five million non-voting shares through a private placement at P100 each in 2010.

Meanwhile, the second tranche of the offer, composed of five million shares at P100 apiece, was offered in 2013.