Phoenix puts up new unit for road transport business
Dennis Uy is putting up a road transport business to improve the transportation of petroleum products under Phoenix Petroleum Philippines Inc.
In a disclosure to the Philippine Stock Exchange (PSE), Phoenix Petroleum said its board has approved the creation “of a new wholly owned subsidiary to manage, administer, conduct, own, invest, hold and/or operate a road transport business.”
The oil firm will invest P57 million in the new wholly-owned subsidiary.
The new subsidiary was formed to simplify operations under the oil company, Phoenix Petroleum company vice president for external affairs Raymond Zorrilla said in a text message.
“The objective is to simplify operations. As road transport is a non core activity, there are efficiencies that can be unlocked by possibly joining with established partners with proven track records and expertise,” he said.
Phoenix listed on the PSE on July 11, 2007 as the first oil company to do so after the passage of the Oil Deregularization Law in 1998.
Established in 2002 in Davao City, it now has a market capitalization currently valued at P15.5 billion and with over 650 retail stations across the country.
It has also expanded to complementary and related businesses such as liquefiied petroleum gas under Phoenix LPG Philippines Inc., asphalt, and convenience store retailing under Philippine FamilyMart.
Phoenix Petroleum has also been aggressively expanding its network overseas.
In 2017, it established PNX Petroleum Singapore Ltd. Pte., which is envisioned to enhance the petroleum importation efficiencies of the group and to provide access to fast growing markets in Southeast Asia.
Earlier this year, subsidiary PNX Energy International Holdings Pte Ltd. entered the Vietnam LPG market through the establishment of Phoenix Vietnam Pte. Ltd.
It also acquired 75 percent of Origin Energy Vietnam last March, its first venture into overseas marketing. It has renamed the entity as Phoenix Gas Vietnam.
Read more at https://www.philstar.com/business/2019/11/23/1971000/phoenix-puts-new-unit-road-transport-business#lGWeWlKcmS9h0bT6.99