Phoenix Pet raises P500M via private placement
MANILA, Philippines - Phoenix Petroleum Philippines Inc., a listed independent oil player, successfully concluded yesterday the sale of P500 million worth of perpetual non-convertible preferred shares via private placement with institutional investors.
In a disclosure to the Philippine Stock Exchange (PSE), Phoenix said the company has issued 5,000,000 shares (non-voting, non- participating and with P1 par value at an issue price of P100 per share and with a fixed annual dividend rate of 8.25 percent per annum, distributable quarterly.
Phoenix said proceeds of the sale would be used to redeem the preferred shares it issued in 2010 with a fixed annual dividend rate of 11.5 percent.
This, Phoenix said, would result in savings for the company of P16.25 million per year.
The oil firm tapped PentaCapital Investment Corp. as issue manager and sole underwriter for the private placement.
“The latest issuance of P500-million Perpetual Preferred Shares by Phoenix Petroleum Philippines Inc., which was fully subscribed in the first hour of the first day of the offer, is a testament to the continued confidence of the investing market of the sound business fundamentals of the company and the efficient and professional management and integrity of its officers and staff,†said Jose Ma. de Leon, executive vice president and chief financial officer and treasurer of PentaCapital.
Phoenix is a growing oil company with an expanding network of operations nationwide, with 370 stations at present
It is engaged in the business of trading refined petroleum products and lubricants, operation of oil depots, and storage facilities, shipping/logistics and allied services, according to its profile.
In the first nine months of the year, Phoenix reported a five percent increase in net income to P541.3 million from P515.7 million in the same period last year.
This came about as the company posted end-September revenues of P31.7 billion or 27 percent higher than the P24.9 billion recorded a year ago.
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