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Phoenix Petroleum raises P7B from sale of Series 4 preferred shares


Phoenix Petroleum Philippines, Inc. (stock symbol: PNX) held a ceremonial bell ringing at the Philippine Stock Exchange (PSE) on Thursday after the company raised Php 7 billion from the issuance of its Series 4 Preferred Shares (stock symbol: PNX4).

I am optimistic that the company will continue its growth trajectory particularly as it intends to use a portion of the proceeds from this offering for depot and network expansion and improvements. I am told that there are terminal upgrades in Batangas and Misamis Oriental, while new terminals will be constructed in General Santos and Cebu. The company will also utilize the funds to reimburse advances to its subsidiaries, including its foreign subsidiaries. As you may know, Phoenix has presence in Singapore, Indonesia and most recently, in Vietnam, PSE Chairman Jose T. Pardo said in his welcome remarks during the event.

Shown in the photo (from left):PNX Chief Operating Officer Henry Albert R. Fadullon; PNX SVP for External Affairs, Business Development, and Security Atty. Alan Raymond T. Zorrilla; PNX Director Monico V. Jacob; PNX Treasurer and Chief Finance Officer Concepcion F. De Claro; PNX Chairman Domingo T. Uy; and PNX President and Chief Executive Officer Dennis A. Uy; PSE Chairman Jose T. Pardo; PSE Directors Ma. Vivian Yuchengco, Wilson L. Sy, Roberto Cecilio O. Lim; PSE Chief Operating Officer Atty. Roel A. Refran and PSE Director Alejandro T. Yu.

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