MANILA, Philippines — Phoenix Petroleum Philippines Inc. is only open for sale to boost capital for its expansion and growth.
“Like in the past, we are open to investors who can provide capital to accelerate our growth and expansion,” Phoenix Petroleum VP for external affairs Raymond Zorilla said in a text message.
Zorilla likewise denied that the company was for sale for P37 billion.
In an earlier disclosure to the Philippine Stock Exchange, Phoenix Petroleum said that “as in any business, the company or any of its subsidiaries is open to any investors, major or minority, willing to invest in its operations and can further add value to its business activities and be beneficial to its stakeholders.”
“These offers are nothing new to the company and consistently, it has been open to all investors who believe in its core business and can bring in value to its operations, finances, and to its shareholders,” the oil firm said.
Late last year, Phoenix Petroleum implemented major steps in strengthening its balance sheet through a comprehensive financial management program amid the challenges of the COVID-19 pandemic.
“It has been a turbulent year, but we have been making headways in our engagements with creditors, and are ending the year with renewed strength and positivity. We are making significant progress in ensuring the company’s long-term viability as a business to come out a healthier and stronger enterprise after this pandemic,” Phoenix Petroleum president Henry Albert Fadullon said earlier.
The company’s financial management program is supported by a capital light expansion strategy that focuses on strategic partnerships and an integrated franchising model across its fuel and LPG products, convenience stores and payments.
The oil firm earlier said it was on track to close 2020 with positive earnings after reporting a P5 million net income in the third quarter.
Established in 2002 in Davao City, Phoenix now has a market capitalization valued at P15.5 billion and with over 650 retail stations across the country.
It has also expanded to complementary and related businesses such as liquefied petroleum gas (LPG) under Phoenix LPG Philippines Inc. (PLPI), asphalt, and convenience store retailing under Philippine FamilyMart.
Phoenix Petroleum has also been aggressively expanding its network overseas.
In 2017, it established PNX Petroleum Singapore Ltd. Pte., the petroleum trading entity of the Phoenix Group envisioned to enhance the petroleum importation efficiencies of the group and to provide access to fast growing markets in Southeast Asia.