The board of Phoenix Petroleum Corp. increased the company’s planned issuance of perpetual preferred shares to P7 billion from the previously approved P5 billion.
Phoenix said in a disclosure to the Philippine Stock Exchange Wednesday the preferred shares would be listed with the PSE and the public offering registered with the Securities and Exchange Commission .
“Issuance was increased as another financial institution signified intent to come in as a joint underwriter for P2 billion on top of CBC Capital’s P3 billion underwriting commitment,” Phoenix senior vice president for external affairs Raymond Zorrilla said.
The Phoenix board earlier approved the appointment of Chinabank Capital Corp. to underwrite the sale of the company’s perpetual preferred shares amounting to P5 billion.
“Proceeds from the fundraising will be used to fund the company’s expansion requirements,” Phoenix said earlier.