Phoenix sells P2 B preferred shares

MANILA, Philippines - Phoenix Petroleum Philippines is gearing up for expansion after successfully raising P2 billion from the issuance of Series 3 perpetual preferred shares.

The issue involved 20 million perpetual preferred shares priced at P100 apiece.

The preferred shares were issued in two subseries – PNX3A with a dividend rate of 7.4278 percent per annum and PNX3B with a dividend rate of 8.1078 percent a year.

PentaCapital Investment Corp., Multinational Investment Bancorp. and AB Capital and Investment Corp. were the joint lead underwriters for the issue.

 “With their consistent track record of performance, we want to help Phoenix achieve their vision of becoming a bigger player in the oil industry,” said PentaCapital Investment CFO Jose Ma. de Leon,

For his part, AB Capital & Investment Corp. president Senen Matoto said the company is pleased to have contributed again to the continuing significant role that Phoenix Petroleum played in the development of the local capital market.

Multinational Investment Bancorp. chairman and president Marilou Cristobal said proceeds from the issuance would fund key expansion projects of the oil company.”

In the nine months to September, Phoenix Petroleum posted a consolidated net income of P758 million or a 49.95 percent growth year-on-year.

 This was driven by a 78.1 percent growth in the firm’s third quarter profit and a 29 percent increase in sales volume of petroleum products.

As of the end of September, the company’s retail station network grew to 447 stations from 418 stations last year.

 Of these, 222 are based in Mindanao, 62 in Visayas, and 163 are in Luzon. At least 3.5 million vehicles visit the Phoenix retail network monthly.