Investors Nod Phoenix Petroleum Ventures
PHOENIX Petroleum Philippines Inc. obtained its stockholders’ green light for some of its business ventures that includes capital infusion for a road transport business.
In a disclosure on Monday, the independent oil company said its stockholders approved the creation of a new wholly-owned corporation that would manage, administer, conduct, own, invest, hold and/or operate a road transport business.
An investment of P57 million from corporate funds as initial capital for the newly formed subsidiary, as well as the transfer, movement, and assignment the listed firm’s road transport operations to the new corporation to maximize its efficiency and expansion are likewise authorized.
Investors, during the listed firm’s annual stockholders’ meeting held last May 29, gave their go signal to infuse P4.9 billion in its property holding unit Duta Inc. over a period of three years.
In May 2017, Phoenix Petroleum acquired Duta alongside Petronas Energy Philippines Inc. (PEPI), the local unit of Malaysian oil and gas company Petronas Dagangan Berhad.
PEPI is now Phoenix LPG Philippines Inc., engaged in selling and marketing liquefied petroleum gas (LPG) and other petroleum products. On the other hand, Duta held various parcels of land used in relation to PEPI’s operations.
Moreover, stockholders approved the extension of Phoenix Petroleum’s corporate term from 50 years to “exist perpetually from the date of incorporation” to ensure continuity and existence of the corporation as allowed in the Revised Corporation Code.