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Phoenix Petroleum set to list shares sold to state pension fund
Listed oil retailer Phoenix Petroleum Philippines, Inc. will be listing an additional 7.5 million shares to cover the sale of a 9.7% stake in the firm last month to the Social Security System (SSS), the government-run pension fund for private sector workers
Phoenix Petroleum filling station in the Philippines
The company said in a disclosure to the Philippine Stock Exchange the common shares were sold to the SSS at a subscription price of P5.60 per share. The total transaction value was P42 million.
The company had 125 stations at the end of the first quarter.
Last month, SSS chief Romulo L. Neri said the investment in Phoenix Petroleum was “in pursuit of our basic commitment to our members that their contributions will flow into investments that would yield good returns at a manageable level of risk.” “We believe that with its track record and its positive business prospects, our addition of Phoenix Petroleum to the SSS’ list of investments was a good decision,” he added.
Phoenix Petroleum’s consolidated core net income rose by 167% to P70 million in the first quarter of the year from P26.2 million in the same period last year. The growth was attributed by the firm in a statement last month to a surge in fuel sales.
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