The board of oil player Phoenix Petroleum Philippines approved the issuance of P5 billion worth of perpetual preferred shares as part of its fund-raising program to finance expansion.
“We are redeeming P500 million preferred shares this December. We will issue up to P5 billion next year [using unissued, authorized share inventory],” Phoenix Petroleum vice president for external affairs Raymond Zorrilla said.
Phoenix said the preferred shares would be registered with the Securities and Exchange Commission and listed with the Philippine Stock Exchange.
The board also approved the appointment of BPI Capital Corp. and RCBC Capital as joint issue managers, joint underwriters and joint bookrunners.
“The proceeds from the planned fundraising will be used to fund the Company’s expansion requirements,” it said.
The company said net income after tax went down to P1.317 billion in the first three quarters from P1.437 billion a year ago.