SEC OKs Phoenix Petroleum’s P10-B commercial paper issue

The Securities and Exchange Commission (SEC) has cleared the P10 billion commercial papers issuance of listed independent oil firm Phoenix Petroleum Philippines Inc.

In a disclosure to the Philippine Stock Exchange (PSE) , Phoenix said it secured a certificate of permit to offer securities from the corporate regulator.

Initially, Phoenix will offer and sell up to P7 billion worth of CPs.

Phoenix signed up PNB Capital and Investment Corp. as the sole issue manager, lead underwriter and sole bookrunner.

The company has been holding fund raising activities to bankroll its expansion plans.

Last month, the independent oil player announced plans to raise up to P5 billion from the offering of preferred shares sale next year.

Phoenix has been on an investment and buying spree in the past few years.

At the start of 2018, it entered into a joint venture agreement with TIPCO Asphalt Public Co. Ltd. Asphalt) and Carlito Castrillo to set-up PhilAsphalt (Dev’t) Corp., which will operate and distribute bitumen and bitumen-related products in the Philippines.

Last May, Phoenix invested in Pos!ble.net, a digital payment platform to support its business operations aside from synergies on its retail network development for its various fuel products, as well as its subsidiaries and affiliates such as the business operations of Philippine FamilyMart.

In June, the company partnered with CNOOC Gas and Power Group Co. Ltd., a unit of state-run China National Offshore Oil Co. (CNOOC), to study and develop an integrated liquefied natural gas (LNG) project in the country.