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Friday, May 9, 2014

Phoenix Petroleum to borrow P2B for expansion

Phoenix Petroleum Philippines Inc will borrow money to bankroll its expansion this year.

In a disclosure to the Philippine Stock Exchange, the fuel retailer said its board of directors approved the issuance of a short-term commercial papers (STCPs) of up to P2 billion to be listed at the Philippine Dealing & Exchange Corp.

The STCP issuance shall be jointly arranged by Multinational Investment Bancorp and AB Capital & Investment Corp.

Raymond T. Zorilla, Phoenix vice president for external affairs, said that proceeds from the loan will be used "for additional working capital for expansion projects."

Phoenix Petroleum is the country's fourth largest fuel retailer with its over 350 outlets, the bulk of which is located in Mindanao.

The company targets to put up 500 additional Phoenix pump outlets over the next five years.

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