MANILA, Philippines - Government-run pension fund Social Security System (SSS) has bought an initial 2.83 percent stake in Davao-based Phoneix Petroleum for P42 million.
In a disclosure to the Philippine Stock Exchange, Phoenix Petroleum said it has signed a subscription agreement with SSS for the purchase of up to 10 percent of the oil firm’s outstanding capital stock.
Phoenix Petroleum is engaged in the trading of refined petroleum products, lubricants, chemicals and an array of car care products and accessories. The company also provides services such as depot operation, depot storage, logistics, into-plane and allied services.
It was listed on the Philippine Stock Exchange in July 2007, the first petroleum company to do so since the passage in 1998 of the Downstream Oil Deregulation Act.
“For the initial tranche, the SSS has subscribed a total of 7.5 million common shares at P5.60 per share with an undertaking not to dispose, transfer or sell the subscribed shares for a period of six months from the date of purchase,” Phoenix corporate secretary Socorro Ermac Cabreros said.