MARKET HEADLINE: SHORT SELLING BY OCTOBER

Phoenix Petroleum Philippines, Inc.
10-19

...balitang PNX

Phoenix Petroleum to issue up to P10-B commercial papers

PHOENIX Petroleum Philippines, Inc. said its board of directors had approved the issuance of commercial papers amounting to up to P10 billion, of which an initial series amounting to P7 billion are to be offered this year, the company told the stock exchange on Thursday.

With the board approval, Phoenix Petroleum said the Securities and Exchange Commission (SEC) had accepted the registration of the company’s commercial papers on Thursday in accordance with the implementing rules and regulations of the Securities Regulation Code.

The company has appointed PNB Capital and Investment Corp. as the sole issue manager for the commercial papers program, as well as the lead underwriter and sole bookrunner for the initial series.

Phoenix Petroleum said it will use 70% of the proceeds or around P4.9 billion for the importation of fuels and lubricants. The rest will be used to repay short-term loans with BDO Unibank, Inc., Asia United Bank Corp., Robinsons Bank Corp., United Coconut Planters Bank, and Development Bank of the Philippines, which are due in December.

The company, led by Dennis A. Uy, has been aggressive in acquiring new businesses. It recently said it was realizing the value of the new acquisitions as it maximizes synergies across its portfolio of fuels, lubricants, liquefied petroleum gas, trading and supply, convenience store retailing, and asphalt.

Phoenix Petroleum reported its net income during the first semester rose 59% to P969.8 million, while revenues jumped by 113% to P40.25 billion. The growth was primarily driven by a 63% increase in total volume sold.

In terms of market share, Phoenix Petroleum said it now holds the third spot, with a 7.12% share, citing a report from the Department of Energy as of the first quarter of 2018.


source: https://www.bworldonline.com/phoenix-pet...al-papers/
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10-26

Phoenix creates Singapore subsidiary

PHOENIX PETROLEUM Philippines, Inc. said on Thursday that its board of directors had approved the creation of a wholly owned subsidiary in Singapore to manage the company’s overseas investments.

The new unit, to be named PNX Energy International Holdings Pte Ltd. “for purposes of managing international investments including expansion of related business activities and operations in the Asia Pacific region.”

PNX Energy International followed the formation by Phoenix Petroleum in September last year of PNX Petroleum Singapore Pte Ltd., which it described as the group’s trading and supply office.

The previous Singapore office serves as springboard for regional expansion of the group, Phoenix Petroleum had said.

Phoenix Petroleum is engaged in the trading of refined petroleum products on wholesale and retail basis and operating of gas stations, oil depots, storage facilities and allied services. Its operation is divided between trading, and terminalling and hauling services.

On Thursday, a holding company led by Dennis A. Uy, Phoenix Petroleum president and chief executive officer, subscribed to 340 million common shares of PXP Energy Corp. at a price of P11.85 per share.

In June, Phoenix Petroleum disclosed that it had signed a memorandum of understanding with a unit of China National Offshore Oil Corp. to develop a receiving terminal for imported liquefied natural gas in the country.


source: https://www.bworldonline.com/phoenix-cre...ubsidiary/
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11-9

...nice earnings Tongue

Phoenix Petroleum 9-month core profit jumps 27%

PHOENIX Petroleum Philippines, Inc. grew its core profit by 27% in the first nine months of the year, driven by higher volumes of petroleum products sold.

The listed company led by businessman Dennis A. Uy said core net income reached P1.32 billion from January to September, as revenues doubled to P64.96 billion. The volume of petroleum products sold jumped by 51% to 2.02 billion liters, with market share steady at 7.1% based on the Department of Energy’s report in the first half of the year.

Phoenix Petroleum’s domestic business increased its volumes by 21%, boosted by an 11% uptick in fuels and 23% for LPG. Its trading operations overseas through PNX Petroleum Singapore Pte. Ltd. accounted for more than a fourth of consolidated volume sales after selling more than 500 million liters during the nine-month period.

Its recently acquired convenience store chain, Philippine FamilyMart CVS, Inc. delivered average daily sales of 21% post-acquisition. The firm attributed the growth to the launch of its Generation 2 stores, which features more food selections and larger dining areas to attract more consumers.

The company currently operates 71 FamilyMart stores, with five more stores to be opened before the end of the year. Four of the operating stores are located on board Starlite Ferries vessels, with a full store on Starlite’s MV Salve Regina plying the Batangas to Caticlan route.

“In this highly dynamic operating environment, we continue to recognize opportunities. We are broadening our products and services — fuels, LPG, convenience stores, payments, and soon, asphalt — developing credible and compelling offers that create value for our consumers, partners, and shareholders,” Phoenix Petroleum Chief Operating Officer Henry Albert R. Fadullon said in a statement.

The company plans to issue up to P10 billion worth of commercial papers this year to finance the importation of fuels and lubricants, and to repay short-term loans with BDO Unibank, Inc., Asia United Bank Corp., Robinsons Bank Corp., United Coconut Planters Bank, and Development Bank of the Philippines due in December.


source: https://www.bworldonline.com/phoenix-pet...-jumps-27/
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