Phoenix buys digital payments platform to boost retail business

INDEPENDENT oil company Phoenix Petroleum Philippines, Inc. is looking to expand its retail network through the acquisition of digital payment platform Pos! ble. net.

In a disclosure on Monday, the Dennis Uy- led company said the acquisition would be made through the purchase of 75 percent of the outstanding shareholdings in Action. Able, Inc. and 75 percent shareholdings in Think. Able Limited, which both own the digital platform.

Hong Kong- based Think. Able owns the trademarks of Pos! ble, which is a digital transactions provider that handles 2.1 million transactions.

Phoenix will purchase the shares in Action. Able from Wildlemon, Inc. and the shares in Think. Able from Seawood Prime Ltd. The transaction involves 13,410 shares priced at P5,312.97 each, which translates to about P71.25 million.

“The acquisition of Pos! ble shall support business operations particularly the retail network development of the Company as well as the synergies created in business operations of its subsidiaries such as Philippine FamilyMart and other affiliates,” Phoenix Petroleum said.

“It will likewise enhance onsite offerings while gaining entry into the fast growing digital and physical commerce segment,” the firm added.

Phoenix Petroleum is engaged in the trading and marketing of refined petroleum products nationwide including LPG and lubricants, the operation of oil depots and storage facilities, hauling and into- plane services.